Lead Debt

[Todd King]

Okay, let's try this another way.

Most agents don't get on Vector because they were such a good agent. They were more than likely writing bad business to begin with. If you've recruited enough agents, you'll find the agent that can write the snot out of business, but it doesn't stick. In recruiting this agent, you're more than likely just asking for trouble.

Wouldn't you like to have an idea of that before you recruited this agent so that you can make a more informed decision?

 

[cds251]

Okay, let's try this another way.

Most agents don't get on Vector because they were such a good agent. They were more than likely writing bad business to begin with. If you've recruited enough agents, you'll find the agent that can write the snot out of business, but it doesn't stick. In recruiting this agent, you're more than likely just asking for trouble.

Wouldn't you like to have an idea of that before you recruited this agent so that you can make a more informed decision?

But if its being paid on, why would I need to "make an informed decision".

There is no decision to make. The agent is keeping up to his end of the bargain, the carrier is getting their money back so whats the problem?? You shouldn't even be aware of it, because, well, there is no problem really.......

I'm not talking about agents who have a blatant disregard for debit balances and do nothing to pay them back. No one wants those and they should be on vector and stopped from getting advances etc.

 

[jdeasy]

Okay, let's try this another way.

Most agents don't get on Vector because they were such a good agent. They were more than likely writing bad business to begin with. If you've recruited enough agents, you'll find the agent that can write the snot out of business, but it doesn't stick. In recruiting this agent, you're more than likely just asking for trouble.

Wouldn't you like to have an idea of that before you recruited this agent so that you can make a more informed decision?

As a recruiter do you find that some companies or IMO's are quick to put an agent on Vector and take that into consideration on whether you will take that agent or not?

Basically, do you see a pattern with some that can thrown out as an aberation?

 

[Todd King]

As a recruiter do you find that some companies or IMO's are quick to put an agent on Vector and take that into consideration on whether you will take that agent or not?

Basically, do you see a pattern with some that can thrown out as an aberation?

Yes, you do have to take those things into consideration. For instance, an agent that just quit Senior Life Services in FL. They just blatently screw the agent over to the point that it really should be illegal because they are asking for money from an agent, yet they aren't out any money because the business is still on the books.


There are always exceptions to the rule, but I'm talking about the average agent that has been put on Vector. There's a reason they are on Vector in the first place. It's just nice to be able to know why before you sign on the dotted line for them.
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But if its being paid on, why would I need to "make an informed decision".

There is no decision to make. The agent is keeping up to his end of the bargain, the carrier is getting their money back so whats the problem?? You shouldn't even be aware of it, because, well, there is no problem really.......

I'm not talking about agents who have a blatant disregard for debit balances and do nothing to pay them back. No one wants those and they should be on vector and stopped from getting advances etc.

So, you apply for a credit card. You're saying the company shouldn't mind if you are slow paying or not?

Ever try to get a loan with, "not so good" credit? Do they give you the best rates? Should a person with slow credit get the same deals as the person who pays on time everytime?

What if you were a bank and couldn't see the past pay history of your client who is asking for a loan? All you can see is that they don't owe anything. Yet, what you're not seeing is that the guy just came into a little money and paid all his past stuff off where you can't see that he's at least somewhat of a risk. Sure, he paid it off, but how long did it take the companies to recoup their investment?

Do you understand that when you put an agent on advances that you are co-signing an open loan for them?

 

[VolAgent]

So, you apply for a credit card. You're saying the company shouldn't mind if you are slow paying or not?

Ever try to get a loan with, "not so good" credit? Do they give you the best rates? Should a person with slow credit get the same deals as the person who pays on time everytime?

What if you were a bank and couldn't see the past pay history of your client who is asking for a loan? All you can see is that they don't owe anything. Yet, what you're not seeing is that the guy just came into a little money and paid all his past stuff off where you can't see that he's at least somewhat of a risk. Sure, he paid it off, but how long did it take the companies to recoup their investment?

Do you understand that when you put an agent on advances that you are co-signing an open loan for them?

You can get a credit card with bad credit. Even a bank might lend you money with bad credit or slow pay. If you have a Vector hit, you are pretty much done until its gone. There is quite a bit of difference there.

 

[Todd King]

You can get a credit card with bad credit. Even a bank might lend you money with bad credit or slow pay. If you have a Vector hit, you are pretty much done until its gone. There is quite a bit of difference there.

That's not the debate at all. The debate is about being on Vector AND the agent paying AND that it shows the payments being made. CDS doesn't think this should be on there at all.

No, not all companies will turn you down for this.

If it shows you're not making payments, then that's a different story. In this case, yep, you're done.

 

[cds251]

But the point of vector is/was to be a reporting mechanism for insurance companies and agencies to see if an agent had a "unrecoverable debit balance"

If the agent is paying it back, as agreed on, between the agent and the carrier then I see no reason whatsoever why you would need to be involved in this. You don't need to know. The agreement is being kept, and the carrier is getting their money back.

If vector was doing the job that it should be doing then you wouldn't even need any details of the debit: The agent has not paid, is not paying and has basically decided to not pay the debit. You would, in this case not need any further information.

Trouble is, vector has basically opened the doors for ANYONE to place an agent on their, with NO PROOF, as long as they are a paying "member".

Vector should be clear cut, without any room for interpretations etc.

 

[Todd King]

Preface: There are exceptions to everything.

Most companies give the agent plenty of time to pay their debit balance. Many agents choose to ignore it, thinking it really doesn't matter. Instead of paying back this "loan" like they should, they let it go to Vector. Now the agent starts thinking about paying it back.

It takes a while to get on Vector. The agent gets notices. It doesn't matter to the agent that someone else is having to pay this money back. They will still ignore it until they need to pick up that next company or start having other companies terminate their contract.

If you don't like the way Vector does things, then pay back the money you owe before it gets to that point. Plain and simple as that.

And you still don't think I should know if you have a debit balance with a company, that you let go long enough to be put on Vector? I shouldn't know this before I co-sign an open loan for you? Really? Come on, get real!

 

[cds251]

Preface: There are exceptions to everything.

Most companies give the agent plenty of time to pay their debit balance. Many agents choose to ignore it, thinking it really doesn't matter. Instead of paying back this "loan" like they should, they let it go to Vector. Now the agent starts thinking about paying it back.

It takes a while to get on Vector. The agent gets notices. It doesn't matter to the agent that someone else is having to pay this money back. They will still ignore it until they need to pick up that next company or start having other companies terminate their contract.

If you don't like the way Vector does things, then pay back the money you owe before it gets to that point. Plain and simple as that.

And you still don't think I should know if you have a debit balance with a company, that you let go long enough to be put on Vector? I shouldn't know this before I co-sign an open loan for you? Really? Come on, get real!

You might not realize it but you are agreeing with me! Yes agents that don't pay back debit balances should be on vector: period. Yes, recruiters should have knowledge of this before agreeing advances.

As a paying member of vector I could place you on vector without any proof, and vector would do nothing to stop it.

What I am talking about is the abuse at is going on with vector (lead balances, captive contracts where upon termination all commissions are charged back despite the business still being in the books to pay it off) Thats the issues with vector that I have. It's being abused by many, many organizations right now, and it's hurting everyone. Even you.

 

[b61mack]

It maybe a case of bad, or no trainning.