Chargebacks

[DonP]

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

It will go on your credit I assure you .Work out a payment plan over a yr or so .

 

[Travis Price]

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

Oh, it's quite possible, yes.

 

[Fred Micheal]

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 .

I have left the business entirely. So just to confirm, you're saying that neither my upline or the carriers can come after me in any way for chargebacks?

 

[DonP]

I think you misunderstood me . They'll try to recover and will eventually send to collections. Collections will send letters , call and threaten you . Unless it's a substantial amount I highly doubt it goes past that . But it will go on your credit . How much is I ?

 

[Travis Price]

I have left the business entirely. So just to confirm, you're saying that neither my upline or the carriers can come after me in any way for chargebacks?

Dude, here's the skinny. You're stealing from people if you don't cover your chargebacks.. even if you've left the industry. You got paid, pay it back.

Yes, they will report you and send it to a collections agent.

You get what you deserve.

 

[LostDollar]

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 .

Is an advance money a person receives under a written contract which obligates the person or company receiving the money to repay it to the person or company paying it out?

 

[DonP]

Is an advance money a person receives under a written contract which obligates the person or company receiving the money to repay it to the person or company paying it out?

Absolutely. But so is credit card debt or a home loan or home equity . The op was asking what would happen if he didn't pay it back . Of course the right thing to do is pay it back

 

[Fred Micheal]

I think you misunderstood me . They'll try to recover and will eventually send to collections. Collections will send letters , call and threaten you . Unless it's a substantial amount I highly doubt it goes past that . But it will go on your credit . How much is I ?

So it will damage my credit?

 

[DonP]

So it will damage my credit?

Yep probably drop your credit score 100-150 pts for 7 yrs . Just curious is it over or under $2 k ? For over $3 k they might take you to small claims ct . You don't show up they get a judgement. From there they could come after equity in your home . I doubt they'd waste there time but anything's possible .

 

[rousemark]

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?

An advance is a loan against anticipated earned commissions. If the policy lapsed there is not anticipated commissions and you are responsible to pay it back. If you loaned money to someone, would you not want to be paid back?