Bankers Life Charge Back

[Chazm]

I would do the 6 month plan personally if I were in your situation

 

[Indy007]

I was in the exact same situation, albeit a MUCH larger balance. I called home office and had the girl email me my comp statements for the last year so I could find each and every chargeback. Around 70% was business that was re-written by other BLC agents. I disputed that with them and she offered 20% off if I paid in full. I wanted 40%, she couldn't offer that and had to get approval. She called back the next day and said the 40% got approved, so I bit the bullet and paid 60% of the debit balance in full. They had Vectored me a few days prior, and removed me with confirmation immediately. Your balance is relatively small, just offer them a settlement, and pay it to put it behind you.

 

[xrac]

I was in the exact same situation, albeit a MUCH larger balance. I called home office and had the girl email me my comp statements for the last year so I could find each and every chargeback. Around 70% was business that was re-written by other BLC agents. I disputed that with them and she offered 20% off if I paid in full. I wanted 40%, she couldn't offer that and had to get approval. She called back the next day and said the 40% got approved, so I bit the bullet and paid 60% of the debit balance in full. They had Vectored me a few days prior, and removed me with confirmation immediately. Your balance is relatively small, just offer them a settlement, and pay it to put it behind you.

This was a smart way to handle it.

 

[axeman462]

Ok, but does being vectored hurt my credit?

 

[Indy007]

No, but if carriers drop you or you can't get appointed with companies you need, that will hurt your income which in turn may hurt your credit.

 

[axeman462]

No, but if carriers drop you or you can't get appointed with companies you need, that will hurt your income which in turn may hurt your credit.

I wasnt aware that carriers could/would drop me if I got vectored. thank you

called bankers this morning. waiting for them to email me a comp statement. plan on paying it off in full today. :-/

 

[drm0913]

So I had to bring this thread back up. I checked my mail this evening, like i do everyday. And I had another letter from Bankers dated September 13 (today is September 20) and it now says my balance is $900 and if i dont pay off the balance by September 23, they will Vector list me.
Well, can't call them today, because their home office closes early on fridays...(not that I had any time either, since they are only giving me three days, I'm pretty sure they held that letter for a week before mailing it.)

When I got the first letter, I decided to wait until my one year mark before paying anything off; I decided there will probbly be more chargebacks and the balance would go up (which it did), and because I was newly independent i figured I would be in a more financially stable place in a year (because of renewals kicking in). I emailed bankers explained my situation, and the only option they gave me were: 1) pay in lump sum now 2) 6 month payment plan. I bassically said screw that, I'll pay you next year, I need more time to get back on my feet.

For record, I have every intent of paying the debt off, I just have other priorities right now.

I will call Bankers Monday morning to try and work out some sort of deal with them. But before I do, i was wondering if anyone else who has been in a situation like this could answer a few questions for me:

1) Will being on the Vector List hurt my credit outside the insurance industry? (ie: getting an auto loan (i need to buy a new car soon, I'm not sure how much longer my current junker will last))

2) I understand being on the vector list will make it hard or impossible to get appointed with new companies. After I pay off the debt I assume I would be taken off. After being taken off, will it still be hard/impossible to get appointed? (I do not plan to pick up any new companies until around this time next year)

Have you ever gotten an itemized statement showing the exact charges they claim you owe? Do you mind me asking what state you are in? I hope some day someone starts a class action suit against them. I am dealing with the same thing.

 

[AfroPope]

Sorry to bump an old thread but I wanted to check in with folks. Bunch of my old coworkers quit Bankers right before or after I did and have started getting these same letters.

Same procedure, right? Which is to say, get the comp statement; if the chargebacks are lapses and cancellations then try to work with them but if they're from people rewriting your business, tell them to pound sand?

None of these folks are selling insurance anymore so I don't think they care about being vectored.

 

[gambrinus]

They run ads non-stop in the Denver area..

Good to know to stay away from them.

 

[axeman462]

Sorry to bump an old thread but I wanted to check in with folks. Bunch of my old coworkers quit Bankers right before or after I did and have started getting these same letters.

Same procedure, right? Which is to say, get the comp statement; if the chargebacks are lapses and cancellations then try to work with them but if they're from people rewriting your business, tell them to pound sand?

None of these folks are selling insurance anymore so I don't think they care about being vectored.

tell them to negotiate it down. When I left Bankers, I had a few charge backs, they took something like 60 cents on the dollar