Got a Bill from a Chargeback from my Old Company

Jul 7, 2015

  1. SWC47
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    SWC47 New Member

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    Anyone have any experience with this? Switched to independent and now my old manager is hounding me to pay him back. The amount of money he has made off of me and the amount of money the company will be making off of my renewals that I no longer get makes paying him a very hard pill to swallow.
     
  2. salesgirl
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    salesgirl Expert

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    If he's getting your renewals I don't see how it's fair for you to pay a chargeback, BUT, legally, you're probably obligated to. He could hold your appointments. Or sue you. What's in your contract?

    I would just not write business through any carrier you still have an appointment through for a while, whatever the limit is, 6 months or so, and then sign up independently.
     
  3. thesunnyone
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    thesunnyone New Member

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    You took an advance? Then you owe chargebacks.
     
  4. smokin goose
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    smokin goose Guru

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    Agreed. If I'm not getting renewals, I'm not paying a chargeback.
     
  5. SWC47
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    SWC47 New Member

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    I didn't TAKE an advance. Its just how they paid commissions
     
  6. bboman23
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    bboman23 601-938-7663 - [email protected]

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    It doesn't matter how much he made off of you. Anything that lapsed caused him to pay back his over ride also. You got paid, it canceled, you owe it back. BUT...

    If he gets your renewals even if you pay it back. ....that's a different story.

    Keep in mind though. ..if you don't pay it back, he has to. THEN he does get to keep your renewals automatically.

    ----------

    About how much did you write and what percent renewals did you have?

    How much is the chargeback?
     
  7. SWC47
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    SWC47 New Member

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    I don't get my renewals. Not sure if he does or if the company keeps them. I left NM fwiw
     
  8. pdoyle
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    pdoyle Super Genius

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    If you don't pay... it could haunt you in the future when trying to get appointed with other companies. Forever.
     
  9. GoPokes
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    GoPokes Guru

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    I once worked for an agency that did this. I got to keep my renewals, so my personal experience is different. However, I did see this happen to agents that were not vested with their renewals. We were LOA agents, so the commissions were controlled by the agency. Im guessing you signed a contract when you started that outlined these rules (right or wrong).

    Like Ben said, he has to payback the override and your portion. If he did this with a lot of agents it will cost him a lot, and he wouldn't know if the renewals would be there or not.

    I bet you could get setup on a payment plan, and possibly negotiate a lower outstanding balance.

    And yes it does suck, especially since he is keeping your renewals. But it could haunt you if you dont payback.
     
  10. SWC47
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    SWC47 New Member

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    Word. My new partner is older and said to just pay it back for the reasons you all stated. Thanks for the feedback. Also, I did write the check to my manager, not the company - so I felt a little better about that
     
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