JOrsak said:kamalktk said:
"Let me guess, that makes the interest rate on the credit card is around 200% according to you, right?"
The interest rate on the credit card I used was 14.9% - a very NORMAL interest rate. I used an online credit card interest rate calculator. If you would like to challenge the numbers, please feel free. I can point you to the website if you'd like although there are NUMEROUS sites for such calculations.
Gotcha, you are disagreeing with yourself on how interest is calculated and what an interest rate is, link. By your own logic as stated previously, the interest rate should be 200% or so. The fact you claim claim the credit card has 14.9% but the mortgage 500% means you grossly misunderstand this.

EricGo07 said:
Final arithmetic: Pay $3500, and make $50 a year -- the UFF way,...

Pay me $3500 and I will send you $55 on the anniversary date of your payment every year for the rest of your life. Anyone can do it.

This program is not to be argued, but mocked.

JOrsak said:kamalktk said:JOrsak said:kamalktk said:
"Let me guess, that makes the interest rate on the credit card is around 200% according to you, right?"
The interest rate on the credit card I used was 14.9% - a very NORMAL interest rate. I used an online credit card interest rate calculator. If you would like to challenge the numbers, please feel free. I can point you to the website if you'd like although there are NUMEROUS sites for such calculations.
Gotcha, you are disagreeing with yourself on how interest is calculated and what an interest rate is, link. By your own logic as stated previously, the interest rate should be 200% or so. The fact you claim claim the credit card has 14.9% but the mortgage 500% means you grossly misunderstand this.

you are somehow confusing a very simple statement.

When I was talking about 500% interest it was in context to "Effective rate" which I clearly defined when discussing it. please do not attempt to misconstrue what I said.

At a 6% interest rate, if I paid my loan month to month and sold my house at the end of the year, the "Effective rate" of interest is not 6% it is 590%. I explained that once already and am being patient in explaining it again.

My numbers I used for the interest on the credit card were numbers that I got off the internet interest calculators and were based on a 14.9 APR or 12.9 (honestly I can't remember what I used now but i think it was 12.9)

As for your response it demonstrates yet again ego and attitude and little actual desire to "help" and plenty attitude to insult.
preserved.

EricGo07 said:JOrsak said:Incorrect. I am offsetting an interest rate that I can further offset with my income. I've shown the math. The numbers are correct and based on calculations provided by free calculators off the internet. They clearly demonstrate that the system works.Oh, now I follow you. You have both home loan debt and credit card debt. You wish to offset credit card debt, and send the money saved to your home mortgage.

Try this: pay off the HELOC debt first. It is at ~9%, while your home loan is at 6%. Taking out a (lower) cost HELOC to pay off credit card debt can be had for free, without the $3500 scam fee. Just be careful not to run up your credit card debt again.

If you go back in this thread, I posted the algebra that calculates when an offset HELOC is better than a HYS account ***IF*** the HELOC debt is not greater than a month's salary. Unlikely, but not impossible; and if better, only by a couple of dollars.

However, all we are really trying to say, first and foremost, is this: Don't pay UFF $3500 for a HELOC ! Once you have a HELOC and are putting your salary into it, by all means delay bills until they are due for a bit more float, so long as you do not overdo it and pay late payment fees.

Thank you for being one of the first if not only (I can't recall any others) who actually tried to understand what I was saying and respond without insulting me. My patience is growing quite thin and I think I'm a pretty patient person. If you look at all my posts the "worst" I've said is that someone doesn't understand. I have not called anyone a fraud, a shill, a scammer, or any other litany of names that have been thrown at me.

As for the situation. Perhaps there are formulas, etc., that you guys have generated or can generate that does what the software does for me. All I know is that it puts it in a pretty simple format that makes sense and tells me when to do what. Ultimately my date of payoff is a lot sooner. I haven't purchased the software yet but I still feel like I will.

But again, thank you for the above mentioned since you seem to be quite alone here in the behavior.

1st, stop using smoke and mirror scammer terms then switch these terms back and forth.

I'm re posting Eric's past post here again since I know some can't bothered to read the prior pages:

I am *so* bored by UFFers coming here with new terms and labels they think they understand but do not.

"Interest Cancellation"
"Front loading"
"Effective Interest"

Why not just stick with

1. Principal
2. Interest expressed as APR
3. Compounding

I am fairly convinced not a single one of the proponents of UFF on this thread (confuseu, Farago, JOrsak etc.) is a "UFF customer." Every single one of them, including the the OP is a scammer/shill.

uutxs said:I am fairly convinced not a single one of the proponents of UFF on this thread (confuseu, Farago, JOrsak etc.) is a "UFF customer." Every single one of them, including the the OP is a scammer/shill.This would certainly be the best we can hope for.

I still think we should put our heads together and write a FAQ that is as simple to understand as we can make it. If people don't want to read it, fine. If they read it and don't understand, their problem. I suppose we will have to debunk these quasi-financial terms the marketeers have cooked up, but I at least find them too annoying to deal with. Perhaps Ellory is up to the task ?

LOL, David. That isnt' a bad summary at all, but remember, these people are sure that salary float will turn everything around 180 degrees.

I started an outline for the FAQ. Please pitch in, everybody.

---
UFF: a money merge account scheme, and $3500 for a software program that purports to optimize use of that account.

Executive Summary:
The money merge account is simple and free to set up; the software program does nothing more than tell you to pay bills as late as possible so long as you do not go past the due date and get socked with late payment fees.

Money terms to know and understand, used in this FAQ:
HELOC - Think of it as a credit card, but with debt that is secured by your home. Go <here> for a more detailed explanation.
HYS - High Yield Savings Accounts. <This thread> has the best available.
Salary -- take home, NOT gross
Interest
Float
Offset

Simple language: how much interest *in dollars* will a HELOC offset account save me each month ?

I''ve been bamboozled ! Explanations of the fantastic claims and pseudo financial terms that UFF makes and uses:
1. Rapid pay-off of the home mortgage
2. The 'effective interest rate'
3. 'Front loading'
4. 'Interest Cancellation'

What about mixing credit card debt into the picture ?

A bit more advanced: Is a (free!) HELOC ever better than just putting the salary into a HYS account ?

kamalktk said:We already have a FAQ
You are right, thanks for reminding me.

I looked SiS' summary over again, and think it is pretty clear for a FwF regular, but I don't think it is explicit enough for someone whose head is spinning from the marketing balogna. I'll continue to chip away at mine, probably each time a new 'visitor' comes to the forum. If it reaches a useful form, I'll ask SiS to incorporate it into his summary.

kamalktk said:"Moderator Comment: This account (JOrsak) has been suspended for affiliation with United First Financial."
got caught....

Haven't been here in a while....so much for freedom of speech. Who cares if JOrsak is affiliated with UFF. Just how is this person affiliated? And why after the slanderous/liable accusations against UFF by numerous "FW posers" are they not suspended. Wait till this gets posted....The credibility of this forum (or lack there of) has come to light.