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Topic # 144300 14-May-2014 12:04
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Savewell Financial Services cold called me last night to offer me a no obligations free plan on how to reduce the term of my mortgage.  I'm naturally wary of anything like this but don't want to discount them completely with out doing some research first.

Has anyone had any experience with this company or any feedback on them?  I know the natural reaction for some will be " I've never heard of them but they must be dodgy so stay away".  I'm after comments only from people who have dealt with them before or know of someone who has.

I tried Googling them but no negative feedback found.


Cheers.

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  Reply # 1043651 14-May-2014 12:17
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There's no such thing as a free lunch. Ask him how he makes money. Get his disclosure statement.
As far as "reducing the term of your mortgage", then the answer is mainly to be found in simple budgeting and maths / mortgage calculator.  An accountant and/or tax lawyer might be able to uncover some things to help - but for normal wage/salary earners with one property, then probably not.



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  Reply # 1043657 14-May-2014 12:22
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Fred99: There's no such thing as a free lunch.


Fully understand this but it is an obligation free report and he/she might suggest things that I either haven't thought about or have time to think about.

I'm after feedback from people who have had experience with this company, not speculation on what they do and how well they do it.  No harm in listening to what they have to say.  I do have fairly good common sense.

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  Reply # 1043745 14-May-2014 12:57
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As you say no harm in listening to what they have to say. I don't know this firm so can't comment on them specifically but a lot of these firms charge a fee for setting up something the Bank will do for free. In general most of this schemes seem to work by placing all your salary on the mortgage. Making all your purchase on the credit card. Then once a month making a transfer from the mortgage account to the credit card to avoid paying interest. It does work but you need to be disciplined.



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  Reply # 1043747 14-May-2014 13:00
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scheduler: As you say no harm in listening to what they have to say. I don't know this firm so can't comment on them specifically but a lot of these firms charge a fee for setting up something the Bank will do for free. In general most of this schemes seem to work by placing all your salary on the mortgage. Making all your purchase on the credit card. Then once a month making a transfer from the mortgage account to the credit card to avoid paying interest. It does work but you need to be disciplined.


Thanks.  We do this already.  If it is something as basic as this then I won't be wasting much of their time!

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  Reply # 1055091 28-May-2014 14:17
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Did you meet with them, and if so, what did they have to say?



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  Reply # 1055856 29-May-2014 12:41
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No not yet.  Meant to be meeting them next week.  Will see how it goes.

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  Reply # 1055865 29-May-2014 12:58
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There are only 2 methods of reducing what you owe.
Interest rates go down...
You pay more at each payment.

Anything else is BS and anyone telling you different is scamming you.



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  Reply # 1055886 29-May-2014 13:20
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pctek: There are only 2 methods of reducing what you owe.
Interest rates go down...
You pay more at each payment.

Anything else is BS and anyone telling you different is scamming you.


Yep I tend to agree with you so will let everyone know what they say!



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  Reply # 1059798 5-Jun-2014 13:31
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They called me again last night as there was a miscommunication over the original appointment date they gave me.  This delay provided me with extra time to think about the whole concept and probably come to my senses about anything they could or could not provide.  In the end I decided not to go ahead with meeting with them based on several factors.  Firstly I could not find any testimonies on this company.  Secondly I realised that the person who was calling me really didn't give me any concrete information.  They must realise in this day and age people are very wary about talking to other about their finances etc.  When I did originally ask for more info, I was told by the very professional sounding woman who called that she could not provide further info as she was not qualified etc - plausible I guess.

When she called last night to reschedule my appointment with the qualified advisor, I told her we had reconsidered and decided not to meet with them, and I apologised for wasting her time.  That's when the professionalism in her disappeared when she said "righty, bye" and then hung up on me.

I think I did the right thing.

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