+ Reply to Thread
Page 1 of 6 123456 LastLast
Results 1 to 16 of 84

  1. #1
    Join Date
    Aug 2007
    Posts
    9

    "The Sydney Financial Group"

    Has anyone had any dealings with this group? They have an MMA similar to ufirst. The software is the same price.

  2. #2
    Join Date
    Aug 2007
    Posts
    1

    Re: "The Sydney Financial Group"

    We have paid $500.00 to Sydney Financial Group to get started to sales rep. (Mike Baker) saying that they can show us how to pay our mortgage fast within 5-7 years with their systems name "MCA" Mortgage Checking Account. Using our credit card and checking account similar to "MMA". First, we were told to refinance our house with the Flagship Mortgage (Russell and Brad Brown-brother team-up) w/c office was the same building with Sydney Financial. At the time we have a lender to refinance our home with a good rate and Mike Baker told us that we have to go through Flagship to qualify for MCA. Flagship told us that it will take 2 weeks to get approve which actually its been 7 weeks and still not approved and been told that still going to take another 3 week to process. We tried to call Mike Baker of Sydney Financial Group numerous times but he failed response to our calls. We are not sure but I think we lost our money. BEWARE !!!!!!!!

  3. #3
    Join Date
    Jul 2007
    Posts
    558

    Re: "The Sydney Financial Group"

    Quote Originally Posted by dude483
    We have paid $500.00 to Sydney Financial Group to get started to sales rep. (Mike Baker) saying that they can show us how to pay our mortgage fast within 5-7 years with their systems name "MCA" Mortgage Checking Account. Using our credit card and checking account similar to "MMA". First, we were told to refinance our house with the Flagship Mortgage (Russell and Brad Brown-brother team-up) w/c office was the same building with Sydney Financial. At the time we have a lender to refinance our home with a good rate and Mike Baker told us that we have to go through Flagship to qualify for MCA. Flagship told us that it will take 2 weeks to get approve which actually its been 7 weeks and still not approved and been told that still going to take another 3 week to process. We tried to call Mike Baker of Sydney Financial Group numerous times but he failed response to our calls. We are not sure but I think we lost our money. BEWARE !!!!!!!!
    The Sidney Financial Group is the typical mortgage acceleration company, a bunch of misleading, lying folks. Pay off your mortgage years faster without increasing your payments. LOL, what a lie.

    Then they have the nerve to claim that the secret is the old HELOC money shuffle putting your "idle" money to work.

    Guess they never heard of savings accounts.

    But lets see how much money you'll save if you can put an average $5000 checking account balance to work with a 6% mortgage. $300/yr. That's it folks, $300/yr.

    Maybe someone from the Sidney Financial Group would like to jump in and show, with real numbers, how their system pays off your mortgage years faster without increasing your payments.

    Nah, they know better than to actually try to PROVE their system is anything other than digging into your pocket and making bigger payments.

    Tell them you want your $500 back, report them to the BBB and your State Attorney General.

  4. #4

    Re: "The Sydney Financial Group"

    Dude483,
    I am sorry for what you are going through. The MCA is a sound idea, but you should not have to go through their mortgage company to do it. They (Sidney Financial Group) are a mortgage company, so they are going to try to refinance everyone who wants to use their program. Did you have a high interest rate? Is that why you are refinancing? I would find out who the principals of the company are and try to go over the heads of the people you are dealing with. Make a lot of noise, don't give up! Report them to the Better Business Bureau if you don't get any results. Good luck!

  5. #5
    Join Date
    Aug 2007
    Posts
    1

    Re: "The Sydney Financial Group"

    I worked with Mike Baker at Sydney Financial and we didn't use Flagship Financial at all. He actually walked me through the process at my local credit union and it took 4 days. Also, he specifically told me that I wouldn't have to refi my first mortgage to use the program and so far we haven't and I won't. He also showed me the "line item math" they use for the program and it works, math is math. 2 + 2 = 4 which ever way you look at it. Hopefully I don't go through what Dude483 went through but so far I haven't. Best of luck

  6. #6
    Join Date
    Aug 2007
    Posts
    104

    Re: "The Sydney Financial Group"

    Each scheme works on one foundational principle. Applying all your extra money towards the mortgage. I'll rate each method below:

    Worst: The MCA/MMA/UFF approach (the dumbest, slowest, riskiest, etc.).
    Good: Putting all the money towards your mortgage. No MMA needed.
    Even better: Investing your money so that grows at a faster rate than your mortgage rate.
    Best: Mixing investments with paying down your mortgage, and avoiding unnecessary and riskier schemes that involve HELOC/MMAs

  7. #7
    Join Date
    Jul 2007
    Posts
    558

    Re: "The Sydney Financial Group"

    Quote Originally Posted by helix
    Each scheme works on one foundational principle. Applying all your extra money towards the mortgage. I'll rate each method below:

    Worst: The MCA/MMA/UFF approach (the dumbest, slowest, riskiest, etc.).
    Good: Putting all the money towards your mortgage. No MMA needed.
    Even better: Investing your money so that grows at a faster rate than your mortgage rate.
    Best: Mixing investments with paying down your mortgage, and avoiding unnecessary and riskier schemes that involve HELOC/MMAs
    Excellent post. People who take all their discretionary income for the next 10 years and apply it to their mortgage are taking on a risk that they simply don't realize. Concentrating your assets is foolhardy.

    Just look at some UFF sucker who bought a house in mid 2005 with a no money down loan and who has been plowing every dime they had into paying down their mortgage for the past two years. Depending on what part of the country they live in most or all of their money has been effectively flushed down the toilet.

  8. #8
    Join Date
    Aug 2007
    Posts
    1

    Re: "The Sydney Financial Group"

    It looks like every one has an opinion about these companies but no one else is offering solutions. Helix, how are these companies dumb, slow, and risky? And have you actually talked to them before? I have lost thousands in investments and don't have a dime to show for it, the way you are presenting your position make sense but I have yet to see an investment that hasn't lost me money. What investments are you suggesting then which are the smart, fast and proven?

  9. #9
    Join Date
    Aug 2007
    Posts
    3

    Re: "The Sydney Financial Group"

    Wow, there are far more negative posts in this thread than I expected. I've been using the Sydney Financial system since January and so far so good. My wife and I are paying down our debt and we can see the results. Some of the posts I've read today were obviously created by people who don't understand how this program works. Granted this is not the best thing for everybody, but I think it's a long way from being scam.

  10. #10
    Join Date
    Aug 2007
    Posts
    104

    Re: "The Sydney Financial Group"

    Quote Originally Posted by ashton01
    It looks like every one has an opinion about these companies but no one else is offering solutions. Helix, how are these companies dumb, slow, and risky? And have you actually talked to them before? I have lost thousands in investments and don't have a dime to show for it, the way you are presenting your position make sense but I have yet to see an investment that hasn't lost me money. What investments are you suggesting then which are the smart, fast and proven?
    Over the course of 30 years, it's a very good bet that good investments will have a higher rate of return than your mortgage's rate.

    The trick is investing in funds diversified for proper growth. If you are losing money on all of your investments, then you definitely are making stupid investments. In that case, just put some money into bank CD's, and the rest on your home mortgage.

  11. #11
    Join Date
    Aug 2007
    Posts
    104

    Re: "The Sydney Financial Group"

    Quote Originally Posted by jbourne
    Wow, there are far more negative posts in this thread than I expected. I've been using the Sydney Financial system since January and so far so good. My wife and I are paying down our debt and we can see the results. Some of the posts I've read today were obviously created by people who don't understand how this program works. Granted this is not the best thing for everybody, but I think it's a long way from being scam.
    Want to know how to pay your mortgage down quicker?

    Don't use a HELOC. Just put all of your extra money towards your first mortgage. Your house WILL be paid off months sooner. The nice part about this approach...you don't have to pay anyone else to do it for you.

  12. #12
    Join Date
    Aug 2007
    Posts
    3

    Re: "The Sydney Financial Group"

    I have been looking into the Sydney Financial Group. In my experience you are not forced to use Flagship or any particular lender. It shouldn't matter which lender does the financing. And if you can't get through, call the main line and ask for a manager. I find it hard to believe you can't reach ANYONE.
    And as far as the whole system being a scam or not. I don't think so. A lot of people do get motivated by a good program that will get them focused on paying off their mortgage instead of buying another set of 4 wheelers or whatever. If nothing less, if it leads to a change in lifestyle - it would be a success. However, I don't think that is all:
    I see two primary drivers of the system - first, you put lazy money to work instead of allowing it to sit idle in a non interest bearing checking account. Second, in a typical amortized mortgage schedule, the interest is calculated on the mortgage balance at the end of every monthly cycle, NOT on an average daily balance - so you could have a $200,000 balance all month long and then pay it down $5000 at the end of the month (or just before the new cycle) and the interest for the following month would then be calculated on the $195,000 balance, not the $200,000 balance. So the timing of the payments DOES make a big difference.
    I haven't seen the whole system yet, but my initial thinking was that it works along that principle. There is a U 1st Financial seminar next week that Iím going to and I think they operate similarly. Iíll take notes.
    What I like about some of the previous comments is that you should have all of your eggs in one basket. You should have some investments and cash reserves to keep yourself liquid. Beyond that, you have to look at what gives you the best bank for your buck (return) and for you personally - what makes you sleep well at night (security). If that means paying down your mortgage - more power to you!

  13. #13
    Join Date
    Aug 2007
    Posts
    3

    Re: "The Sydney Financial Group"

    SHOULDN'T have all your eggs in one basket.

  14. #14
    Join Date
    Jul 2007
    Posts
    558

    Re: "The Sydney Financial Group"

    Quote Originally Posted by 4Daddy
    I see two primary drivers of the system - first, you put lazy money to work instead of allowing it to sit idle in a non interest bearing checking account.
    Put it in a savings account. On to the next problem.

    Quote Originally Posted by 4Daddy
    Second, in a typical amortized mortgage schedule, the interest is calculated on the mortgage balance at the end of every monthly cycle, NOT on an average daily balance - so you could have a $200,000 balance all month long and then pay it down $5000 at the end of the month (or just before the new cycle) and the interest for the following month would then be calculated on the $195,000 balance, not the $200,000 balance. So the timing of the payments DOES make a big difference.
    You are incorrect. Interest on the typical first mortgage is computed on your mortgage balance as of the first of the month as though all on time payments had been received on the 1st of the month. If you make a payment at the end of the month it won't be credited until the following month. So no, timing doesn't make a big difference.

    Quote Originally Posted by 4Daddy
    Beyond that, you have to look at what gives you the best bank for your buck (return) and for you personally - what makes you sleep well at night (security). If that means paying down your mortgage - more power to you!
    I don't have any problem with someone paying off their mortgage faster if it makes financial sense for them to do so. I do object to those who falsely claim that shuffling your money thru a HELOC will generate a financial gain that will help you achieve that goal.

  15. #15
    Join Date
    Aug 2007
    Posts
    16

    Re: "The Sydney Financial Group"

    4daddy, i would be more then happy to show you how the program works if you live in Cali, AZ, or NM.

    My presentation is 1 hour long. Absolutely no pressure. I've been in the mortgage business for 4 years and have never spent a dime on marketing! That speaks volume. Either you like the program or you don't. Does me no good to put someone into any program that their not comfortable with!

    Hope to hear from you!

    hoaloans@hotmail.com

  16. #16
    Join Date
    Jul 2007
    Posts
    558

    Re: "The Sydney Financial Group"

    Quote Originally Posted by qsnoop
    4daddy, i would be more then happy to show you how the program works if you live in Cali, AZ, or NM.

    My presentation is 1 hour long. Absolutely no pressure. I've been in the mortgage business for 4 years and have never spent a dime on marketing! That speaks volume. Either you like the program or you don't. Does me no good to put someone into any program that their not comfortable with!

    Hope to hear from you!

    letmeripyouoff@hotmail.com

    Wow! You've been in the mortgage business a WHOLE FOUR YEARS!!! LOL.

    Yeah, you don't spend a dime on marketing, you spam your email address on SCAM dot com.

    Your product has people refinance their low interest fixed rate mortgage with a high interest HELOC. That's about as dumb a move as someone could make.

    But then again there is no shortage of dumb people who spend thousands of dollars and get ripped off in the process. Smooth talking salesman who can't actually produce any numbers but just blow smoke take money from morons every day.

Similar Threads

  1. "Death" of "Amy Winehouse" alias "Lady Gaga" was a joke
    By TruthIsNeverTooHorrible in forum Conspiracy Theories
    Replies: 20
    Last Post: 12-28-2016, 09:57 AM
  2. Replies: 4
    Last Post: 03-03-2016, 11:43 AM
  3. Replies: 1
    Last Post: 11-27-2012, 08:44 AM
  4. Replies: 0
    Last Post: 08-16-2007, 06:33 PM
  5. Synapse Group Inc. - "Free" Magazine Subscription
    By katlynbp in forum Internet Scams
    Replies: 1
    Last Post: 03-17-2007, 07:44 AM

Tags for this Thread

Bookmarks

Bookmarks

Posting Permissions

  • You may post new threads
  • You may post replies
  • You may not post attachments
  • You may edit your posts
  •