- 307
Last year we declined an IMO contract (thankfully), due to the fact if we were terminated for any reason our commissions would stop and any debit balances would be immediately due. This would also be the plight of our agents. They would be fired, their commissions would stop, and they would owe the company. I could envision us developing advance balances of $500,000, which when fired would turn into debit balances. We may have been backed up by $1,000,000 in future earnings, but those earnings would stop if we were fired.
Well, well, well. I thought I had very well checked to make sure our agents and we were protected from this way of a company latching onto (stealing) commissions. I was wrong. We had a sub-IMO with one of only 6 IMOs in the country. I had been told, without me reading the contract, by the good friend IMO it was fully vested. I still don't think the IMO intentionally told me wrong.
The first of this year, we had a $5000 debit balance from an agent rolled to us. For some unknown reason the company decided they would start notifying me at my home, which is not my business mailing address on company records. The notifications looked like cheap advertisements and were ignored by my wife.
You guessed it, we were fired, commissions stopped and we owed the debt--no certified mail, nothing that I noticed until it was all over. I talked to our attorney, and he had no ready answers except pay. When times get tough, some companies start trying to suck money in any way they can. This company has a national presence and mentioned many times on this forum, usually in a positive way.
About 15 years ago, I had a company sue me for $8800 of bonuses a couple years after they had been paid, saying all our clients had died or had dropped the policies. At the time, I still had 3 relatives who still had the policies. Needless to say, they lost in court and the judge saw what jackasses they really were. They had been touring the country suing agents.
These situations did not make me anti-company, we deal with some great companies. But it did make me appreciate when companies try to be fair to their marketing folks, and detest the crooks.
This is just another reason to sleep with your eyes open, and don't make it too easy by sleeping with Vaseline.
Well, well, well. I thought I had very well checked to make sure our agents and we were protected from this way of a company latching onto (stealing) commissions. I was wrong. We had a sub-IMO with one of only 6 IMOs in the country. I had been told, without me reading the contract, by the good friend IMO it was fully vested. I still don't think the IMO intentionally told me wrong.
The first of this year, we had a $5000 debit balance from an agent rolled to us. For some unknown reason the company decided they would start notifying me at my home, which is not my business mailing address on company records. The notifications looked like cheap advertisements and were ignored by my wife.
You guessed it, we were fired, commissions stopped and we owed the debt--no certified mail, nothing that I noticed until it was all over. I talked to our attorney, and he had no ready answers except pay. When times get tough, some companies start trying to suck money in any way they can. This company has a national presence and mentioned many times on this forum, usually in a positive way.
About 15 years ago, I had a company sue me for $8800 of bonuses a couple years after they had been paid, saying all our clients had died or had dropped the policies. At the time, I still had 3 relatives who still had the policies. Needless to say, they lost in court and the judge saw what jackasses they really were. They had been touring the country suing agents.
These situations did not make me anti-company, we deal with some great companies. But it did make me appreciate when companies try to be fair to their marketing folks, and detest the crooks.
This is just another reason to sleep with your eyes open, and don't make it too easy by sleeping with Vaseline.
