Avoiding vector

Tyler53575

New Member
2
I'm new to this forum. I have been with my company for a year now, and have what I believe to be a better opportunity with another insurance company. I am working my last week, so I can pay off my remaining chargebacks so i won't be in debt. Is there a chance I can be put into vector one, even if I paid off my remaining chargeback balance?
 
You won't be vector free until the advance period of the policies you have sold has passed.

They shouldn't automatically place you on vector, they should give you an opportunity to pay it before they send it to vector.

Most companies don't care that you want to work elsewhere etc, they just want their money :)
 
You won't be vector free until the advance period of the policies you have sold has passed.

They shouldn't automatically place you on vector, they should give you an opportunity to pay it before they send it to vector.

Most companies don't care that you want to work elsewhere etc, they just want their money :)

What do you mean by advance period? Sorry I never left an insurance company. I'm going to have to pay money?
 
If you have been paid more than they have collected in premium then yes, you will owe them/have to pay them "more" (which really ins't "more" - you have been paid commission on it and the carrier cannot recoup it)

There isn't a "one size" fits all to this because there are too many variables and each company has its own methods of calculating your debit balance.

The best advice I can give you is this: if you get notice from the carrier that you owe them money, pay it.

Seldom do the bean counters get it wrong but you never want to be on Vector, because while it is possible to clear it all up, it is a hassle you don't need.
 
If you are notified by the carrier that you owe money always ask for an accounting of the policies and clients. You did not state what line of business you are selling, nor did you disclose the carrier and it doesn't matter. Many MLM carriers will send staff out to rewrite your business and then claim a chargeback of your commissions. If they rewrite the business you should not be held accountable for their actions. If you have questions, call your old customer. i have heard excuses of, "they told me you sold the wrong product" or "they were able to beat the price you charged"
 
Most carriers will work with you. They will correspond several times and if no monies have been received to pay back the debit balance in 6 months they will usually start the vector process then. Might be different in your situation.
 
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