Bankers Life Charge Back

Discussion in 'Life Insurance Forum' started by axeman462, May 28, 2013.

  1. axeman462
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    axeman462 Guru

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    I left Bankers at this begining of this year, and just today I get a letter saying that $680 of business chargedback and they want their money:1frown:

    Now, these days I owe everybody money, so my reaction to an additional $680 is "take a number, and get in line". Now naturally I want to pay this back. But at the same time, because the way I was lied to about so much stuff while there, I kinda want to just walk away from it.

    But then, it occured to me, wouldn't my renewals from the company just pay for it?
     
  2. houcoogster
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    I told them that if they wanted the money that bad no problem I will just go rewrite my customers and pay them back. Is that what you want me to do??? :D. Call corporate offices.
     
  3. xrac
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    THey are probably in the process of rewriting your business so expect more chargebacks.
     
  4. Indy007
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    Xrac is spot on with that. When I left, I got a letter every couple of months that showed my balance going up. I knew that if I was over a year out from them they couldn't charge me back anymore, so I waited until then. Then I called and had a full years worth of comp statements emailed, went through each chargeback. Around $5k worth. A few we're legit, most were not (re-writes) so I added up what I actually owed them and offered that to settle. By that point they had Vectored me, they accepted it and removed me from Vector immediately. Pay what you owe, and put it behind you.
     
  5. Newby
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    If they are doing that I would go rewrite them first. Pay them off and pocket the difference.
     
  6. xrac
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    Is there a non-compete clause in the contract?
     
  7. houcoogster
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    C'mon man there is no honor among thieves!

    He needs to go and do the right thing for his customers:D
     
  8. xrac
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    I am not thinking about honor but about a lawsuit.
     
  9. houcoogster
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    In Texas a case like this would be laughed off the docket. We're a right to work state you can't stop a man from earning a living.

    Now if you sell a business to somebody for millions of dollars, dang right you have a non compete that will be enforced.
     
  10. xrac
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    The process can still cost you if you have to hire an attorney.
     
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