Hello all, I am new here but I frequently read through the forums on a regular basis.
I was wondering if I could get some insight from you guys.
I am currently trying to switch to another IMO, and one of the carriers I am contracted with will not release anything due to a debt owed to them from a chargeback, which is understandable. I had tried to get in touch with the client whom I wrote up the policy on, but they have changed their phone number and moved away from their address that I have on file. The policy had lapsed due to nonpayment/invalid bank information. I don’t know what the client is up to but that is their business.
With this carrier I am currently on a paid as earned commission, which was switched over from 90% 9mo advance when I got released from all the other carriers by my previous IMO a couple weeks ago. I have been trying to reach out to the client and/or his family members in every way since I was notified of the lapsed policy.
I currently cannot afford to cut a check to the carrier for the full chargeback amount, but they have given me until January 31st to fulfill the debt. I personally want to get this squared away ASAP because they are one of the big dogs and one of my main writing companies, so I would like to get contracted with them through my new IMO and get back in the field.
I am switching IMOs because of personal issues with my upline and issues with contracting, as well as the IMO itself. To be honest, I have not worked at all since the problems started in September, I have just been working at the family business hoping that it would all be resolved by now. Unfortunately, it hasn’t.
This all brings me to my question. Being that I am on a paid as earned commission, if I write a policy in which the normal 90% advance would usually cover the chargeback debt, will that actually count towards my debt? Or will it not because I am not being advanced that amount up front?
I have tried asking the carrier on multiple occasions but they all tell me “I can’t really tell you if it will or if it won’t because I don’t know the amount of the policy”.
Basically in simple terms I am asking if submitting new business (assumed approval) will cover my chargeback amount if I am on a 90% paid as earned commission, instead of the usual 90% 9mo advance commision I was at.
Thank you all in advance for your help.
KG
I was wondering if I could get some insight from you guys.
I am currently trying to switch to another IMO, and one of the carriers I am contracted with will not release anything due to a debt owed to them from a chargeback, which is understandable. I had tried to get in touch with the client whom I wrote up the policy on, but they have changed their phone number and moved away from their address that I have on file. The policy had lapsed due to nonpayment/invalid bank information. I don’t know what the client is up to but that is their business.
With this carrier I am currently on a paid as earned commission, which was switched over from 90% 9mo advance when I got released from all the other carriers by my previous IMO a couple weeks ago. I have been trying to reach out to the client and/or his family members in every way since I was notified of the lapsed policy.
I currently cannot afford to cut a check to the carrier for the full chargeback amount, but they have given me until January 31st to fulfill the debt. I personally want to get this squared away ASAP because they are one of the big dogs and one of my main writing companies, so I would like to get contracted with them through my new IMO and get back in the field.
I am switching IMOs because of personal issues with my upline and issues with contracting, as well as the IMO itself. To be honest, I have not worked at all since the problems started in September, I have just been working at the family business hoping that it would all be resolved by now. Unfortunately, it hasn’t.
This all brings me to my question. Being that I am on a paid as earned commission, if I write a policy in which the normal 90% advance would usually cover the chargeback debt, will that actually count towards my debt? Or will it not because I am not being advanced that amount up front?
I have tried asking the carrier on multiple occasions but they all tell me “I can’t really tell you if it will or if it won’t because I don’t know the amount of the policy”.
Basically in simple terms I am asking if submitting new business (assumed approval) will cover my chargeback amount if I am on a 90% paid as earned commission, instead of the usual 90% 9mo advance commision I was at.
Thank you all in advance for your help.
KG