Question about chargebacks and vector
- Thread starter Max777
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- 16,881
Yes. You now owe the IMO and they can vector you. AND the insurance company can still leave you Vectored until the IMO notifies them that they have been paid. Up until recently they could not do that.
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They are wanting money for leads and what not. I am amazed how buddy buddy they are till you run short a month and then the gloves come off. Its like there is no middle ground. Your on top of the world or your treated like garbage. What if you file for bankruptcy?
- 16,881
That would be a pretty drastic way to wreck your credit even more. Just set up a payment plan and pay them back. Get them behind you and move on.
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- 5,486
This is business. If the business dies, so does your personal income. Therefore, always pay your business expenses first to keep the business alive. If your business has failed, then do the right thing: Propose and agree to a payment plan to pay your IMO back and move on to another field of endeavor. Best of luck to you in the future.
Not exactly true if the company is playing by the rules. Once the debt rolls to the upline the agent is no longer on the hook with the company and should take the agent off of Vector. This is according to Vector's rules. I'm not saying it's a good rule, but nonetheless it is Vector's rule.
This is the reason why IMOs should also have Vector One at their disposal so that they too can report an agent. It's also the reason why the IMO should be using a collection agency.
This has been changed by Vector (maybe a year ago) because of the fact IMOs rarely pay for Vector and scumbag agents get off free. Once a debt is rolled to the upline, the carrier can keep the Vector on. However, the upline must notify the carrier if the debt is paid. The upline and the carrier can't both have the Vector on at the same time so if the upline does add the agent, the carrier has to remove them.
- 16,881
They change that rule is long as they don’t both have him vectored the company can still leave him on vector even after the IMO pays it.
The rule is new enough that about half the company still don’t understand that it changed. I was talking to liberty bankers about it yesterday and they still think it’s the old way.
Wow! Thanks for the update Donamese and Newby! I did not know this, as you can tell. That's a huge thing!
I do remember complaining to them about this when we first picked them up. I guess somebody there finally saw the light.
Now the next thing is to get them to actually realize that half on the agents put on Vector by Lincoln Heritage is due to leads and not chargebacks. Of course, I've come to the conclusion that they actually do know this (as everybody else in the insurance world seems to), but they choose to ignore it.
I do remember complaining to them about this when we first picked them up. I guess somebody there finally saw the light.
Now the next thing is to get them to actually realize that half on the agents put on Vector by Lincoln Heritage is due to leads and not chargebacks. Of course, I've come to the conclusion that they actually do know this (as everybody else in the insurance world seems to), but they choose to ignore it.
Vector is merely an acknowledgement of debt, so whether that be from a chargeback, rescission, leads, or whatever else where an agent owes someone, that is what they list. Vector doesn't ask the amount, reason or anything, it is simply posted that there is a debt owed. From there, the carrier or IMO would send an email to the poster of the debt to ask any questions they want regarding the debt so they can make their determination based on the info provided. This is where LH would say that it was due to leads or chargebacks.
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