Freehold Express

[cube]

I noticed an ad from these guys last night - they promise to create a 'debt reduction plan' that will save years and $

Freehold Express’ core activity is debt reduction planning & implementation. No matter how well you think that your mortgage is set up, in our experience your mortgage is most likely to be costing you much more than it needs to.

Anyone know what their angle is - doesn't seem to be re-financing or investment properties.

[eri]

haven't looked into it at all but

generally these things are about combining all your debts

which at worst, may have a combined interested rate around 20?%pa

getting these people to pay them all off for you

in exchange for a new single lump sum debt to them of around 10?%

perhaps with caveats over your home that the other debts didn't have....

this may be different

and if anyone here has many small debts with some having large charges it may well be worth looking over

[Ivan McIntosh]

Aren't they more likely to be the revolving credit facility mortgage scheme, with your salary going straight onto the mortgage and all household expenses paid via credit card which is automatically paid off from the revolving credit facility each month so that there is no credit card interest? Coupled with easy fixes like paying mortgage installments weekly rather than fortnightly or monthly.

Result...all household expenses paid interest free for a month while the salary has reduced interest paid on the mortgage.

[eri]

does sound like a very elegant solution

[DazRaz]

We suggest you start your journey to becoming a freehold homeowner by requesting our free guide, The Mortgage Game, and also take the 3 easy steps on this website to determine just how much we can help you save.

I don't think they understand what freehold is.

[cube]

Their FAQ states

Many of our clients have revolving credit facilities in place when we first meet them. They are usually no closer to paying their mortgage off than they are flying to the moon, which is why they become our clients.

but does acknowledge that a revolving credit account may be part of the plan.

Doing a sample calculation, your debt initially increases (their fee?), but comes down more rapidly than a standard mortgage, without (allegedly) increasing payments.

[flyernzl]

I don't think they understand what freehold is.

Many don't.

They confuse it with 'mortgage free'.

You can have a freehold property with a hefty mortgage.