Contracting with Debit Balances

[WinoBlues]

Your best bet is to go back to the IMO/Agency that you incurred that debt with and see if they will let you "sell your way" out of that debt.

Thats a huge debit balance to have racked up...........be proactive.

No IMO in the right mind would touch you with that sort of debit balances......but at least your former IMO knows your track record......

Go back to them and ask to sell your way out of it.

Its probably the best option......provided they agree of course.

Assuming it was legit. He said "he made a mess" of his life back then. Not saying it is the case here but,,,,, Women, booze and drugs are a good way of screwing yourself.

I think that 3 month advance would be a good way to start. Going to have to earn back trust.

 

[Mark]

Do something else for a living. You done dug you a hole that is too deep to come out of.

 

[senior-advisor-indiana]

That's a lot of bad business to write.

 

[magagent]

I hear insphere is hiring. Just kidding.

Do something else for a living. You done dug you a hole that is too deep to come out of.

 

[MO knight LIFE pro]

I actually have a similar story to tell. I was still a rookie - only in the industry 8 months when I started having problems. The debt is not quite as much, but I did incur a sizable abount. What got to me was a sudden move across state to help an ailing family member (father) & then I suddenly experienced the chargebacks. And it was winter. And the leads were cold as the snow storm, but I still had to pay for them. My IMO had the rights to my commissions if I couldn't pay the the lead costs. And then it happened. I expenses exceeded my income & and I dropped out of hte industry. Six months later, now, I'm regretting it. I have a debit balance's at americo of $2300 and $700. (two writing number's) And I have a balance of $200 at another company. I'm working in the billing department at an insurance agency now, for steady income, but we are family is expanding and frankly, I need more income. My degree is useless, and I have one license. Life Producer. I'd like to start writing again.
>....< any advice?

 

[Advisor06]

What is debit? Sorry if I'm missing it.

 

[b61mack]

Debit, is what you owe in lead balance and charge backs. The IMO, or the insurance company, sends a report to vector. Similar to a credit bureau. You can sell you way out of 3k, even 50k, but you need a mentor to help with your sales technigue. 3k= 8 small FE sales. 50k= 125 small FE sales. If it is with an IMO, as wineoblues suggests talk with them. They will help. This the downside of being a IMO.They have to make good to the insurance company,ouch!

 

[xrac]

Your best bet is to go back to the IMO/Agency that you incurred that debt with and see if they will let you "sell your way" out of that debt.

Thats a huge debit balance to have racked up...........be proactive.

No IMO in the right mind would touch you with that sort of debit balances......but at least your former IMO knows your track record......

Go back to them and ask to sell your way out of it.

Its probably the best option......provided they agree of course.

This is probably the only way. No one will give you advances.

 

[360]

I actually have a similar story to tell. I was still a rookie - only in the industry 8 months when I started having problems. The debt is not quite as much, but I did incur a sizable abount. What got to me was a sudden move across state to help an ailing family member (father) & then I suddenly experienced the chargebacks. And it was winter. And the leads were cold as the snow storm, but I still had to pay for them. My IMO had the rights to my commissions if I couldn't pay the the lead costs. And then it happened. I expenses exceeded my income & and I dropped out of hte industry. Six months later, now, I'm regretting it. I have a debit balance's at americo of $2300 and $700. (two writing number's) And I have a balance of $200 at another company. I'm working in the billing department at an insurance agency now, for steady income, but we are family is expanding and frankly, I need more income. My degree is useless, and I have one license. Life Producer. I'd like to start writing again.
>....< any advice?

You need a dialer and a list. Spend your nights and weekends dialing for FE and get out there and make 5-6 sales and you're back in business. If you can't make $3200 in next 4 weeks or so you're not trying. Once you're out of the hole, keep doing what you're doing for another couple of months so you can set aside 4-6k and then get yourself back onto a steady diet of leads with some cash reserves.

 

[MO knight LIFE pro]

Thanks guys. I'll tell you what. After being in the field and making decent wages, I wish I would have handled things different. I didn't save for the slow periods - that's for sure. And then when the leads kept coming in, and I was paying $600 a week for them, suddenly I was working to pay lead cost... And then, I was not even covering those. ... And then, I was unable to write with the companies because of the debit. I really just jumped in to the whole thing with no real mentor, which I regret. I got on this website, read as many posts as I could, but then I didn't really have a plan.

I was only contracted with two companies and they wont let me write. That's why I'm on here. I'm wondering ... how can I get to write again? I set up a pay plan with americo ... $100 per month is all I can afford. At this time. That's 30 months.