I need more info on Sydney Financial Group. Is it a scam or the real deal. they promise debt freedom in 3-5 yr

Question by Henryfears: I need more info on Sydney Financial Group. Is it a scam or the real deal. they promise debt freedom in 3-5 yr
I have a friend who is planning on refinancing her mortgage and all of her debt thru this company. I am skeptical that all of her debt can be erased in that short amount of time. I need more information on this company so that she can make a better decision.
i need proof that this does not work. I checked with the Better Buisness Bureau and they have no complaints against this company. I agree with the answers to my question so far but i need proof.

Best answer:

Answer by Greg
Do your homework! Don’t let others think for you. If someone tells you they will make your debts disappear, unless it’s your rich uncle, find out exactly how and what’s in it for them. If someone tell you that you can pay off $ 1,200 at $ 100 per month in 9 months, do the math, where’s the other $ 300?
If it smells like a scam, it usually is.

What do you think? Answer below!

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2 Responses to I need more info on Sydney Financial Group. Is it a scam or the real deal. they promise debt freedom in 3-5 yr

  1. bdancer222 says:


    I read thru their website. The gottcha of this scam is that you open a home equity line of credit as your checking account. You deposit your paycheck in this new checking account and pay all your bills thru the home equity, including your existing mortgages. Pretty stupid to pay your mortgage payment with funds from a higher interest rate home equity loan.

    In theory this scam might work IF you make a whole lot more than your expenses. The extra money would pay off your first mortgage faster. But it’s more likely that you end up a big balance on that home equity loan.

    This scheme is also referred to as mortgage acceleration.

  2. CommonCents says:

    The ONLY way that you pay off debt is by paying principal after you have paid the interest.

    The only way that you can be totally debt free in 3-5 years is if you have a huge amount of income and a small amount of bills, and you pay the difference towards the debt.

    It’s not much different than just paying extra principal on your own, without the confusion that these programs claim.
    Having a house paid off is foolish for many people. It’s just money tied up that you may not be able to get to.

    IMO, there is nothing wrong with Manageable debt.
    There are zero % (and low%) balance transfers that can help people with CC balances, if they understand finance.

    Those who don’t are attracted to these simple plans that they make sound complicated.

    Many people will be poor during their lifetimes and die with a house that’s paid off. YIPEE.
    What a waste of a life. Your heirs will benefit.

    Spend less than you earn, and you will never be in debt.

    Spend more than you earn and you will be in debt.

    It’s not that “it doesn’t work”… But you don’t need to pay them money to get a simple plan that they complicate.

    PAY DOWN THE BALANCE to get rid of debt.
    What kind of “proof” do you think you need ??

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