Comments on: Money Merge Accounts – Legitimate or a Scam?

By: JoeTaxpayer

JoeTaxpayer — Thu, 22 Sep 2011 12:08:17 +0000

Ben – those with no self discipline don’t have much, if any, extra money that would make this system work.
The presumption (in their example) that someone netting $5K/mo has $1K free cash in their budget is absurd. But it’s what their scam is based on. No matter what you tell them, they’ll say it’s there, but 20% left over? If you push them, they’ll tell you to stop depositing to your 401(k) even if it’s matched. They have one goal, to take your $3500.

By: Ben

Ben — Thu, 22 Sep 2011 05:03:09 +0000

Beautiful and succinct overview… thank you!!! I recently was given the money merge account pitch by someone, and the way he explained it made it seem that by not changing my monthly payments at all, I could shave years off my mortgage and tens of thousands off the total interest paid on my mortgage. When pressed with my questions, I then realized that was a lie, because the whole thing is predicated on increased payments using whatever ‘discretionary’ income you have have left over at the end of the month! Like you say in your article, I can put that money into my mortgage myself for free, and save myself the $3500 fee for having someone else tell me what I already know! That said, I’m sure it’s a GREAT system for people with HORRIBLE self discipline who wouldn’t actually do it on their own!

Cheers from Manitoba

By: SallieMae

SallieMae — Sun, 19 Sep 2010 07:03:48 +0000

Lee,
I am neither heading toward bankruptcy or foreclosure. We have a very comfortable life with bills under control and investments doing well.
I signed up with U1st because the idea of using their “algorithmic math” appealed to me and I was in awe of the original projection that would have us paying off our 30 year jumbo home mortgage in 7 years, then 9, then 13, then 16 years – our years to payoff kept changing because the austerity of the expense to income to maintain our discretionary income level in order to use all toward principal payments was unsustainable for me.
I also got tired very quickly of having to pull money from the checking account into the “savings” account and paying bills that way instead of just straight from the checking account. I kept asking HOW does it work that way and was always told “It just does” . They even claimed that I was making the maximum use of the interest rate (.25%!) as part of their reasoning.
If this is such a great program and system, they should be a great company. If the shoe doesn’t fit even though it was sold like it was a great fit, then one should be able to get a refund, even a partial one don’t you think? Would you expect to pay $3500 for a pair of shoes at Goodwill and not be able to return them if they don’t fit after a while, or would you think you could expect to pay $3500 for a pair of shoes from Nordstroms and get your money back because you decided it just wasn’t the right shoe for you? If I am going shopping for a killer pair of shoes and willing to spend a lot of money, I’ll shop at Nordstroms.
Glad the MMA worked out for you. I hope if you are an agent you make your clients very aware of their no return policy. I became an agent at first because I wanted to help more people save tons of money. I am so glad I didn’t sell a program to anyone. That there shoe don’t fit most of the people I know – not with that price tag or with that no money back guarantee.

By: JoeTaxpayer

JoeTaxpayer — Sat, 18 Sep 2010 13:22:32 +0000

Lee – I was given access to the tool that produced the analysis, and found that pre-paying, just adding extra to principal each month beats MMA every time.
You say “try it”, there is no trial period. There is a three day right of rescission as with many contracts, but he client is not given the password till day three. To walk into a debate and suggest that people get scammed just to see if it’s truly a scam is nonsense. If MMA lived up to its claims, I’d back off, but I’ve written countless articles and comments with proof that it doesn’t. Do you know who call compound interest “the eighth wonder of the world”? Neither do I, but agents are attributing this quote to Einstein in an effort to add credibility to a scam. Anything to make the sale. No, it’s not magic, it’s a scam.

Rule # 1 – Make all minimum payments due each month
Rule #2 – At month end, take all extra funds and send to highest rate debt.
Rule #3 – There is no rule #3

No smoke, no mirrors, the above is the fastest way to pay off everything.

By: Lee Samuels

Lee Samuels — Fri, 17 Sep 2010 23:05:33 +0000

I think before you make comments on a program(whatever it may be) you should use it first. Because you are giving false information. I am a client of the money merge system and I don’t have a HELOC. I use my checking and savings. I’ve already paid off several credit cards, my 5 year car loan which at the time I purchased the mma I had 3 years left will be paid in December 2011. I have not changed the way I live. In fact I just got back from a vacation. My discretionary income has gone from $230.00 to $618.00 and I’ve paid off 4 credit cards. Is the program for everyone? NO! If you’re heading towards forcloser or bankputcy of course not! Any program that helps someone get out of debt is a goodthing. It doesn’t matter if they only save you 12 months of debt, thats 12 months that you wont have to pay. I suggest using the program before speaking. The only way to get out of debt is by paying off principle. Come on, it’s not magic it’s just math!

By: Joetaxpayer

Joetaxpayer — Sat, 29 May 2010 03:54:21 +0000

23 years down to 3.5 ? And you attribute all that savings to MMA?
Funny, UFirst posted a video, search on UFirst Lunch at YouTube. In it, they claim that 2000/yr invested at 6% over 45 years returns 10 million dollars. The true result is less than $500K off by a factor of greater than twenty fold. I politely commented, no name calling, or judgements, just offered the correct numbers. My comment and that of another poster were removed.
MMA is a scam pure and simple. I’ve written dozens of posts on it, and the numbers I offer are beyond refute.

By: CVan

CVan — Sat, 29 May 2010 00:08:12 +0000

Hi Ryan,

I have listened to many shows on how to pay down debt. But I bought into the Money Merge Account. I have been using it faithfully since Oct. 2008. I have 23 years left to pay on my mortgage… and have paid off all my other debt first and now am paying off my mortgage.
I like the Money Merge Account… I have mastered it without giving up and it works. I will have my entire mortgage paid off in about 3.5 years. If I did this the traditional way I would be paying for over 23 years.
If you need help they have people willing to help you right on the internet. I have never had all the trouble you all have had. If anyone would like to try it again… I would be willing to donate some time to help you.
Also instead of the big $3500 they now have a montly fee of $49 a month. It’s more affordable. Also they do give trial versions.
Like others said… this system is not for everybody and if you are living on the edge of your income don’t even bother trying this. It won’t save people who spend more then what they make. But for people that are doing well, income is increasing, and you have the desire to get out of debt so you can save more for retirement then it’s a winner.
Most people I know could not do this plan… if I sold this to people I would set up a computer lab to help each person for the first 1/2 year so they can be successful. I am an insurance agent… so I don’t stop at just getting out of debt. I help people to see the big picture to save for retirement to boot.

By: Salliemae

Salliemae — Thu, 20 May 2010 09:04:00 +0000

I have been searching and posting on several sites using Money Merge complaints. Glad to have found this one.
Joe Taxpayer and Cashflow Coach, I would be proud to know you. You are both financial gurus.
Cashflow Coach, you are absolutely right about the lessons learned from using the Money Merge Account. It makes you do a 90º turn in thinking and rewards you for non-spending. It is also true that some people need to spend $3500 in order to take the next step. Your attention to the needs of your clients is admirable.
Joe Taxpayer, I like the way you think and how you can prove what you say. That is like finding gold in a mountain stream.
Hearwhatyouwantothear, I am glad you have found the Money Merge account helpful. To be able to have 5 properties in 8 years?! Wow! Don’t know what kind of speed debt/asset boost kind of situation you are in, but more power to you!

So, the Money Merge Account is a great program for some, and isn’t right for others. That is where the my problem with UFF lies.

I have been on the Money Merge Account for 3 months. Intensely, for 3 months. Made all kinds of adjustments, dropped using the HELOC, told to get a “savings” account with check writing privileges (which is another checking account), had many many customer support sessions, looked into Multiple Properties option (additional monthly fee), tried to set up a savings/investment account to multi-task and pay down our mortgage and build up an investment account (not able to do unless I called it an expense account), literally spent hours at a time working with the numbers. Got frustrated, ran into little glitches from time to time, told they would be fixed in the next version, became more frustrated with having to contact customer support each time I wrote a check or made a charge for a larger than normal amount (even though the checking or savings account had funds), and I decided to ask for a refund.

At that point, ladies and gentlemen, the fat lady had a flatulation that stank up the whole shebang and the rose colored flower curtains were pulled back to reveal the ugly side of United First Financial. No refund, no appeal, no, nada, end of story, have a good day. In as many ways you can repeat yourself, that was the answer I got for the last 3 weeks from UFF’s Client services.

Cashflow Coach, if you have any influence or way to reach the top echelon of this pyramid network, please let them know that Nordstrom will take back a pair of shoes even if it is worn, because it has true customer service at its core. By its latest action, United First Financial has shown itself to not give a flying hoot about its customers once they have signed the dotted line. By doing so, they have done fantastic agents and coaches such as yourself a huge dishonor.

So, in ending, I would like to say (but I have forgotten how to say it in Latin), LET THE BUYER BEWARE. It has been a lesson I wish I did not have to learn.