Reno Kings email re Mortgage Checking Software to find overcharged interest, fyi

[Peter 14.7]

Hello All

I got this email below from the Reno Kings. It promotes a mortgage checking software that claims it will find errors and that all banks make errors in their favour mostly. $250 payment if you find no errors.

Well being ultra cynical I called Reno Kings to check email was legit and yep they sent it.

Went through site and decided to buy one to try out. Will report back. FYI Software are on special at the moment due to delivery issue but that probably spin. You also get a heap of books, etc.. as bonus. Worth a try I guess if you arelong term investor like me.

Anyhow, I ask has anyone else tried this and the results. I had a dodgy MIA non bank lender for 3 years and I would bet they got it wrong ( their way). Please feel safe to check the link. It is legit. And best of all, you can pay via COD so no credit cards on the net.

Regards, Peter 14.7


Dear Reno King Community Member

You wouldn't think it would be hard would you. 5 boxes go into the truck, 5 come out ... that's how the courier is supposed to work.

Have a look at this photo we were sent by the boys at MortgageWatchdog. That had one of them totally destroyed ... so bad it all had to be put in a bag.

www.mortgagewatchdog.com.au/auto/l/damaged

The good news for you is that they want to move these scratched covers and are lopping $70 off the regular cost. They have the 200 you see here and they want to get rid of them ASAP. Their printer didn't put any insurance on the boxes so they are kind of stuck with them.

You do of course get their Guarantee, find errors or they give you $250 for wasting your time. If you have ever had a sneaking suspicion that something wasn't quite right with your loan then now is a great time to stop thinking about it and do it. It couldn't be any cheaper.

Warm Regards

Steve
Reno Kings
email: [email protected]
web: http://www.renos.com.au/
post: PO Box 3141, Norman Park QLD 4170

P.S. That is $70 right in your pocket right from the start.

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[JIT]

Yep, I think this sort of product has been around a couple of years. A few different people have been promoting it. I think it was even on A Current Affair, Channel 9, once before! I think they were saying it is better to use if you have had the loan for at least 3 years, and it seems people have had success getting refunds from the bank.

I haven't tried it myself, but would also be interested to know if anyone here has?

GSJ

 

[geoffw]

There's been a few threads on this over the years- though it's been a while since it was mentioned. I think the last time it was brought up was yesterday

 

[Peter 14.7]

Geoff, play nice.

Can't search every thread to find similar can i? Even though I should....

Anyhow, FYI I got an email from suppliers and checked my PO box, comp generated but smart move and stops spammers (I assume) so feeling more confident.

Peter

 

[Sailesh Channan]

I was approached by the same company a few years ago to promote their product for a commission on every sale they made to my database.

I declined the offer, as I don't like the idea of getting secret commissions.

 

[Celeste]

Hi all

I purchased it pop in all the figures, I guess the big N can add up correctly, no mistakes found yet.

 

[wylie]

I bought a copy and input data for several loans, and found errors, both ways, but mostly the Bank's way. We had a computer crash and I lost my records.

Now with end of financial year approaching, I plan to do our tax, get it out of the way and then sit down and start again.

Certainly there were errors.

Wylie

 

[geoffw]

Regardless of whether the product is good or not- and I have no doubt that it is good.

I get so many of these "we've stuffed up, you get the benefit" emails now. Mostly because I subscribe to business type email subscriptions- people who market marketing market this way.

In this case, as Sailesh suggests, it's just a way for Geoff and Paul (Reno Kings) to earn a little extra income.

Half their luck!

 

[Peter 14.7]

Yes the "we stuffed up excuse" is like Rivers Clearence Centre sales I mean when a chain has more clearence centres that main shops you got to wonder. Dontget me started on thier advertising we are an old aussie company building shoes in Ballarat BS. All comes from China lovie. We can read labels.

Anyhow, it shoudbe interesting. We have had I guess 24loans and many have been paid out when we sold or refinanced so we could be in for a nice suprise.

Peter

 

[Adlante]

I have bought the software only in the last few weeks mainly because my mum has had several loans over the years and she is the kind of person that keeps records of absolutely everying including every statement going back to 1987. So i said I would check her statements for her as she cant use a computer very well in exchange for a 20% cut of what I find.
Ill keep you posted on how many mistakes I find.

 

[Peter 14.7]

Good point, my mum had a loan that was very dodgy being still 80% of principle after 30 years. Dept of Housing Commision.

Should look into that was well.

Peter

 

[Joe D]

........... So i said I would check her statements for her as she cant use a computer very well in exchange for a 20% cut of what I find.

Gee whizz, you are all heart! Your dear ol' mum must be so pleased you are only taking a 20% cut .....

 

[Adlante]

Gee whizz, you are all heart! Your dear ol' mum must be so pleased you are only taking a 20% cut .....

Certainly was, she was expecting to pay for the software as well as the 20% cut. After putting in some of the info, especially the off-set account, it should be more. The banks dont make it easy with the jumbled way they format their statements.

 

[Peter 14.7]

Hey Tarny

I guess no free trial means Mortgage Watchdog is the industry leader. Hence the Reno Kings endorsement.

I do know they offer a "find no errors and we refund the expense" guarantee. Sounds like a win/win to me.

Regards, Peter

 

[Welcome]

How'd you go Peter, any mistakes found?

 

[kenyaboy]

Michael Yardney has the same offer through his site. We purchased a copy a week ago and from the quick sample we have taken across several of our loans it seems to work, you need to enter a fair amount of data covering the entire loan so a final result is some time away. Getting the bank to agree they were wrong is probably going to be a much bigger effort.

 

[monoply]

Has anyone ever bought this product and applied for the refund, because they didnt find any errors?

 

[Peter 14.7]

I bought and yet to use it. Time Poor at the moment as usual. Peter

 

[Robear]

Seems timely to resurrect this thread now that this product is getting airplay again.

I have bought it and here is my review.

Interface
This is quite simple to get your head around and there is ample help on the mortgage watchdog website. Just make sure that you understand correctly what the "start date,end date, opening balance and interest period" is. The old garbage in garbage out principle applies.

Ease of actual use
Not bad, its tedious to enter all the data in for a 4 year period but if you line up all your statements and keep your finger on the date of the interest charged I found that I could get quite quick at entering the data. Just make sure you stay aware of interest rate changes as you go. Took me about one and half hours to input the 4 years of data.

Is it accurate
Well, I'm not sure as I havent checked it with a trusted spreadsheet yet but it does find errors, thats for sure. No reason to think that its not accurate as I'm sure they have tested this thoroughly.

I found however that most of my "errors" were for .01c. For instance one months calc would say the bank owed me .01c and the next month I would owe them .01c. I'm assuming this is just a rounding issue between what the bank calculates and the software calculates?

There were some large "errors" of $20 or so but each time they occurred they were offset by a correcting "error" the next month. These were never 100% the same but within a few cents.

The bottom line was that after 4 years they basically cancelled each other out and the result was I owed the bank a few cents.

Conclusion
I'm not sure the program is worth the cost of it. Its not rocket science this stuff but it may be useful for some people.

The guarantee is not worth much in my opinion. As I read it one would need to find no "ERRORS" at all and that would mean a .01c error over the 4 year period would negate the money back guarantee. A 100% money back guarantee no questions asked would be more attractive.

Like most things that are marketed with a lot of hype and squillions of testimonials the reality has trouble living up to the hype.

The old Home Loan Analyser program was more comprehensive but not so user friendly. Shame you cant get it anymore. If Mortgage Watchdog cost $50 or so then that would be a reasonable price to pay in my opinion.

 

[Piston Broke]

It's the same as many other loan calculator software out there.
Difference being much more expensive.
I remember using a shareware prog many years ago that did the same thing.

Where it may not be precise is that the interest rate changes are enetered for the month, and not on the exact day it happened, as far as I can tell from the promo.