Chargebacks

[Fred Micheal]

I was with FFL. I didn't sign a contract with them but I did with Americo, AIG, Mutual of Omaha, and John Hancock. I have chargebacks and I've been threatened by my uplines to pay it or else I'll be reported to collection agencies. I have not been with the company for many months now. I've been told by someone working at another insurance company that because I have left FFL, I don't have to pay the debt. That I'm just being bullied into paying the debt. That my upline just doesn't want to pay it.

I have a family I need to take care of and money is tight. If I don't have to pay it, it would truly relieve a lot of pressure for me. But if I do have to pay it, I'd rather pay it now than later on in collections where it ruins my credit.

Anyone know what my plan of action should be? Who's right?

 

[STIBROKER]

Yea....the bitch of advance's......yea you have to pay it back....might want to research what Vector is........

 

[fed up]

Ask each carrier for an accounting of your BOB. You may find that once you left the carrier that the carrier had another agent rewrite the policy but you need to find out what policies canceled and when. You were paid in advance of incoming premium and you will owe that money not earned back to the carrier

 

[Baseball7]

You have to pay back any chargebacks.

 

[DonP]

If your not going to stay in the business then little they can do to get it . Many recruiters on here have stories of being shafted . It’s part of the game .If you want to ever sell ins again then you got to pay it .

 

[LostDollar]

Many recruiters on here have stories of being shafted . It’s part of the game .

Pretty shaky ethics here. There are other professions that would take a very dim view of this attitude about professional ethics. You would not pass their ethics exams if you actually applied this type of attitude to answering questions on their ethics exams. Ethical business behavior is not a game. It is a way of life you sign up for when you choose a profession.

 

[DonP]

Pretty shaky ethics here. There are other professions that would take a very dim view of this attitude about professional ethics. You would not pass their ethics exams if you actually applied this type of attitude to answering questions on their ethics exams. Ethical business behavior is not a game. It is a way of life you sign up for when you choose a profession.

Im speaking the truth . I’ve never had a debit in my life on anything from credit cards to advancement . I have a 840-850 credit score which attests to this . The op said money is tight . I’m telling him his options just like if you have credit card debt or whatever debt you have . If he doesn’t have the money and is exiting the ins business they won’t retrieve the money . But it’ll be super tough to stay in the business and get contracts . He asked “ does he have to pay it back ?” . I simply gave the options to him and the consequences of not paying it . The poster could be in dire straights financially . I’m not here too judge him .

 

[Travis Price]

I was with FFL. I didn't sign a contract with them but I did with Americo, AIG, Mutual of Omaha, and John Hancock. I have chargebacks and I've been threatened by my uplines to pay it or else I'll be reported to collection agencies. I have not been with the company for many months now. I've been told by someone working at another insurance company that because I have left FFL, I don't have to pay the debt. That I'm just being bullied into paying the debt. That my upline just doesn't want to pay it.

I have a family I need to take care of and money is tight. If I don't have to pay it, it would truly relieve a lot of pressure for me. But if I do have to pay it, I'd rather pay it now than later on in collections where it ruins my credit.

Anyone know what my plan of action should be? Who's right?

You pay or kiss your insurance career goodbye.

 

[Cornelius]

If your not going to stay in the business then little they can do to get it . Many recruiters on here have stories of being shafted . It’s part of the game .If you want to ever sell ins again then you got to pay it .

Yeah I heard one of those horror stories first hand from an agent.

 

[Fred Micheal]

You pay or kiss your insurance career goodbye.

I have left the insurance business. I just want to make sure that if I don't pay, that I don't get reported to collections and have my credit impacted