Unearned Commissions - Vectors

[jdeasy]

Now that I know who the IMO is can I change my answer?

Just kidding, a debt is still a debt and should be handled. They could not vector that amount, so that's why they went a different route, obviously.

This is what happens when IMOFMO's recruit any and everywhere and will sign up anyone that can fog a mirror. Not saying that was the case with the OP, but they didn't go out and buy the stickers for this one agent.

It is systemic.

 

[Todd King]

It's interesting this comes up now....Last year I moved my last MoP med sup client to another carrier and get thief emails about once a month about my commission statement (something only available on thier website). So recently wrote a piece of business so finally looked at the statement only to find out I had a 29 dollar debit balance....If they had written me I would have paid it.

Yep! There are those companies that are not very good about letting the agents know. I have had a few agents that didn't know they had a Vector hit!

 

[VolAgent]

At the end of the day, this thread wouldn't exist of the agent had simply paid up. Heck, the IMO really just wanted you to write more business, everyone wins then.

Such the IMO put the stickers on there, probably not. But really, no one is going to care. The AG and everyone is way too busy to worry about one offense.

Pay the debt and sent the IMO an apology or a f* you letter, which ever makes you feel better. Then move your contracts and forget about it.

 

[Norwayguy]

Yep! There are those companies that are not very good about letting the agents know. I have had a few agents that didn't know they had a Vector hit!

There was and is no vector....But the least they could have done was sent me a letter asking to pay....I figured the commission statement was like the ones Midland, ANICO Great American that have a statement even with a debit balance...The debit was created because MoO paid my as earned renewal commission on this medsup before the clients check cleared...The check didn't clear because we had moved the policy and stopped the draft and MoO knew about it because we sent them a cancelation letter.

 

[Todd King]

No, no! I didn't mean to imply you had a Vector hit. I was just saying that it can even go that far and the agent isn't aware of it until they try to contract with a company and then they find out.

Of course, there are some agents that will swear they didn't know when in fact they did. But there are also those times when I do believe that the agent had no idea.

 

[GoCubsGo]

At the end of the day, this thread wouldn't exist of the agent had simply paid up. Heck, the IMO really just wanted you to write more business, everyone wins then.

Such the IMO put the stickers on there, probably not. But really, no one is going to care. The AG and everyone is way too busy to worry about one offense.

Pay the debt and sent the IMO an apology or a f* you letter, which ever makes you feel better. Then move your contracts and forget about it.

You never know. The AG might be pissed at insurance companies for some reason and want some revenge. The stickers would show it's not a one time offense as they wouldn't print them for one use. The OP could file suit. Claim extreme embarrassment, no longer able to have relations with his wife. That kind of crap. In front of a jury it has worked as our peers are suckers for that kind of of sh*t..

 

[VolAgent]

You never know. The AG might be pissed at insurance companies for some reason and want some revenge. The stickers would show it's not a one time offense as they wouldn't print them for one use. The OP could file suit. Claim extreme embarrassment, no longer able to have relations with his wife. That kind of crap. In front of a jury it has worked as our peers are suckers for that kind of of sh*t..

That is a riot!

FYI on how frivolous lawsuits work. They only work for the deep pocketed party who is just trying to stop and/or harass the other party. They aren't about actually winning.

The odds of finding an attorney to take something like this on contingency are near nil, unless you find someone who is new and desperate.

 

[GoCubsGo]

Yea and someone being harassed over a debt probably doesn't have deep pockets. ha

 

[Focus LTC]

Best thing you can do is just give 'em a call.

Best piece of advice on the thread. When you get a letter like that, its always best to call, get to the bottom of it, and make arrangements. ASAP.

When you owe someone money and they don't hear from you, its only natural for them to assume the worst.

 

[SportsNut]

p 9. Section 808(8) prohibits showing anything other than the debt collector's address, on any envelope in any written communication to the consumer, except that a debt collector may use his business name if it does not indicate that he is in the debt collection business.

Chances are between 98 and 100% that none of this applies to the party who is actually owed the debt. The IMO is a party on the hook for that actual debt as a guarantor, so they are exempted from the "debt collector" language.