Real Life Debt Consolidation Plan
No Joke this was their plan!
No Joke this was their plan!
I'm out to prove there are people in this world who want to
take advantage of you, and to prove I'm not one of
them, I just want people to get out of debt. I went to a popular debt consolidation program
website, and filled in some details. They called me
back and offered to "help" me. Here are the details I
gave them.
Here is the "help" they offered me.
As you can see their plan saved me about $300 per month, sounds pretty good right? Look at the balance column. It actually went up by $18,000! I've heard of closing costs, but come on! Upon further investigation I discovered a $7000 consultation fee! $7000 to consult me on a loan refinance. Wow, most banks will help you refinance for just the origination fee.
Now if I were to do this, I would be setting myself back over 8 years! It would take 104 months to pay back that $18,000 at 7% & $232/mo. So of that 16.7 years they are "helping" me get out of debt, really they are helping me stay in debt. Their plan was about 50% of the required payoff time. If you really want to get out of debt, stop going into more debt. Don't consolidation your loans and pay more closing costs. Eliminate your debts! I can show you how. Buy the RushOutOfDebt! eBook now, it's only $19 for a limited time, and email me your individual situation, spreadsheets are included with the book until the software is developed, so you can send me your debt sheet and I'll help show you how to accelerate your payoff faster than any other method. Guaranteed, or your money back! You can post questions in the free debt forum and I'll answer right away.
Well the consultation fee is for their debt elimination plan. With that $300/mo savings I can be out of debt in 16.7 years! Again sounds good. But lets look at this plan a little more closely. The only savings they really found for me is the car lease. Which only had 13 months left. If I had just made that payment for 13 months, then used that money to "snowball" (discussed in the book) I would cut 90 months off their plan of 16.7 years, or about 8 years!
But the worst part is what they tried to hide, or slip past me. By refinancing to this loan, I also have to pay mortgage insurance premium, (MIP). This is an extra $107/mo included in the new 1st mortgage. When they showed me my new debt reduction plan, they didn't include that in their numbers. So they told me they could save me $339/mo, but I couldn't find that in the numbers. That's because they weren't using all the numbers, they were using principal and interest only (P&I). I was calculating actual out of pocket money. So realistically they are only saving me $232/mo.
Where else can you get personalized attention worth over $7000, as I found out above, for only $19? Why am I offering this crazy deal? Simple, I am just starting this website, and I need your testimonial of how great this program really is. Once I get the software and eBook package put together this price will increase. Consider this the ground floor of the most amazing self help debt program ever. All I ask is you pay it forward. Meaning refer someone else to the free debt forum, and join me in answering others questions that may not fully grasp the idea yet.
You'll kick yourself if you don't get in on this now. Why? Because in 2 years when you are still doing the same things, but expecting different results, this book/software combo will be selling for $399? $999? Who knows. Get in now while I need you! Later you'll need me! Buy the RushOutOfDebt! eBook!
| Loan | Balance | Interest Rate | Monthly Payment |
| 1st Mortgage | $230,000 | 7.112% adjustable | $1776 |
| Credit Card #1 | $11,000 | 3.99% locked | $156 |
| Credit Card #2 | $6,000 | 2.99% locked | $150 |
| Credit Card #3 | $4,000 | 7.99% locked | $90 |
| Car #1 | $24,000 | 6.50% locked | $563 |
| Car #2 (lease 13 months left) | $4,000 | lease who knows | $269 |
| Student Loan | $14,000 | 4.25% | $120 |
| Totals | $293,000 | $3124 |
Here is the "help" they offered me.
| Loan | Balance | Interest Rate | Monthly Payment |
| Refinanced 1st Mortgage | $262,000 | 7.00% adjustable | $2053 |
| Credit Card #1 | 11,000 | 3.99% locked | 156 |
| Credit Card #2 payoff | |||
| Credit Card #3 payoff | |||
| Car #1 | $24,000 | 6.50% locked | $563 |
| Car #2 payoff lease early | |||
| Student Loan | $14,000 | 4.25% | $120 |
| Totals | $311,000 | $2892 |
As you can see their plan saved me about $300 per month, sounds pretty good right? Look at the balance column. It actually went up by $18,000! I've heard of closing costs, but come on! Upon further investigation I discovered a $7000 consultation fee! $7000 to consult me on a loan refinance. Wow, most banks will help you refinance for just the origination fee.
Now if I were to do this, I would be setting myself back over 8 years! It would take 104 months to pay back that $18,000 at 7% & $232/mo. So of that 16.7 years they are "helping" me get out of debt, really they are helping me stay in debt. Their plan was about 50% of the required payoff time. If you really want to get out of debt, stop going into more debt. Don't consolidation your loans and pay more closing costs. Eliminate your debts! I can show you how. Buy the RushOutOfDebt! eBook now, it's only $19 for a limited time, and email me your individual situation, spreadsheets are included with the book until the software is developed, so you can send me your debt sheet and I'll help show you how to accelerate your payoff faster than any other method. Guaranteed, or your money back! You can post questions in the free debt forum and I'll answer right away.
Well the consultation fee is for their debt elimination plan. With that $300/mo savings I can be out of debt in 16.7 years! Again sounds good. But lets look at this plan a little more closely. The only savings they really found for me is the car lease. Which only had 13 months left. If I had just made that payment for 13 months, then used that money to "snowball" (discussed in the book) I would cut 90 months off their plan of 16.7 years, or about 8 years!
But the worst part is what they tried to hide, or slip past me. By refinancing to this loan, I also have to pay mortgage insurance premium, (MIP). This is an extra $107/mo included in the new 1st mortgage. When they showed me my new debt reduction plan, they didn't include that in their numbers. So they told me they could save me $339/mo, but I couldn't find that in the numbers. That's because they weren't using all the numbers, they were using principal and interest only (P&I). I was calculating actual out of pocket money. So realistically they are only saving me $232/mo.
Where else can you get personalized attention worth over $7000, as I found out above, for only $19? Why am I offering this crazy deal? Simple, I am just starting this website, and I need your testimonial of how great this program really is. Once I get the software and eBook package put together this price will increase. Consider this the ground floor of the most amazing self help debt program ever. All I ask is you pay it forward. Meaning refer someone else to the free debt forum, and join me in answering others questions that may not fully grasp the idea yet.
You'll kick yourself if you don't get in on this now. Why? Because in 2 years when you are still doing the same things, but expecting different results, this book/software combo will be selling for $399? $999? Who knows. Get in now while I need you! Later you'll need me! Buy the RushOutOfDebt! eBook!
