I Have Bad Credit and Can't Get Appointed!

[FunJames]

It sounds like there is more to this issue than getting appointed with an insurance company & its time to get your financial house in order. You may wish to consider bankruptcy, getting a "regular" non-commission job for a while and post bankruptcy making pay back arrangements with any insurance companies that you have balances owing.

Post bankruptcy you can also clean up your credit history and get your credit scores where they need to be. You can actually have all the negative items removed from your credit history, but beware of scammers in that arena.

I'm new to the forum so I'm limited as to what else I can say. Suffice to point out that you are not the only person who has been in your situation.

There is light at the end of the tunnel & it doesn't have to be an oncoming train!

 

[BobbyMcGee]

Filing BK for a lousy 10k would be foolish. The Atty's fees and cost costs would be more than what you could settle for. Once a debt is charged off and sold, the collection agencies would be glad to take a 10% settlement on a debt they pay pennies on the dollar for.

Somehow save up the settlement funds (probably only a grand or $1200), pull your CB and call the people( with a*82 or whatever it is so they can't see your #) who now have the debt. Don't take their 1st offer unless it is ridiculously low. These people get paid a percentage of what they can squeeze from you. They have one shot at getting a big payday. Negotiate. They will not want to you to hang up the phone without a deal. Make sure you get everything 100% in writing as well as their promise to report the "settlement in full" to the cb's. Don't do a "check over the phone" as you will have no proof it was settled the way you anticipated. Send the settlement papers and check back certified and get a signature.

Advise the carriers you had a problem, but you now legally owe nothing. You have concrete documentation you owe nothing to nobody. Later, get a secured cc and start building up again.

The big banks in this Country have settled billions of dollars in debts, their own and customers.. They're used to it.

 

[senior-advisor-indiana]

Recommend a few annuity companies for him and other future agents that have the same problem. Maybe you can teach Twilight something.

I was going to suggest the same thing. He obviously is familiar with annuity companies that contract agents with bad credit.

 

[FunJames]

I didn't realize his total debt was only 10K. Bankruptcy would be foolish. Waiting till the debts do to collection and then paying reduced amounts is a workable strategy, unless some of his debts happen to be advances from insurance companies.

 

[KenoKat88]

I have over $10k of bad debt and have declined from many FE Companies. Does anyone know of any FE companies who are a little more lenient with bad credit agents?? Help please!!

I did a credit consolidation and showed companies I was making payments.
Just a thought to get you started and making an income, some captive companies will work with you,

Also are going through an IMO or contracting on your own? I know my IMO got contracts through, that I probably would not have gotten on my own.

 

[Agentguy5]

I have over $10k of bad debt and have declined from many FE Companies. Does anyone know of any FE companies who are a little more lenient with bad credit agents?? Help please!!

I used Creditrepair.com, went from a 500 to 740 in around 8 months...

 

[keith48]

I would think that there would be at least one company out there that would take you on. If you can find one that will, get to work and place as much as you can to get that debt paid off.

Every day, agents are selling crappy policies from Bankers Life and Lincoln Heritage so there is no excuse not to get something sold if you can just get appointed with one or two companies. Call some IMOs and let them know your story. Someone somewhere will take you on, and when they do, make the best of that opportunity. Even if you have to do some as-earned stuff to get started, at least get started. Good luck!

 

[TwiLight]

I would think that there would be at least one company out there that would take you on. If you can find one that will, get to work and place as much as you can to get that debt paid off.

Every day, agents are selling crappy policies from Bankers Life and Lincoln Heritage so there is no excuse not to get something sold if you can just get appointed with one or two companies. Call some IMOs and let them know your story. Someone somewhere will take you on, and when they do, make the best of that opportunity. Even if you have to do some as-earned stuff to get started, at least get started. Good luck!

There are FE companies that will not look at the credit and Appoint this agent. As long as the credit issues are not VECTOR issues. You just will have to write a consistent and quality (policies that stick on the books) amount of business AS EARNED for 6 months.

I have signed off on many agents for Advances that have proven to me that they are more than just talk..... Write business and back it up is my only requirement for someone that is in the OP shoes.

 

[Fred_Pruitt]

yes you should ask your credit repair agent they will give you very good treat about your appointed.

LOL, oh the humanity of it all.....

 

[goillini52]

yes you should ask your credit repair agent they will give you very good treat about your appointed.

I think you do things a little differently in your part of the world Jhon. What kind of "treat" are you talkin' about? :bump: