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LH....you were with LH?Speaking of a vector... Yesterday I took more business from the only company to do that to me...bet you can guess who too...
Vector
- Thread starter Twynn
- Start date
- 5,897
LH....you were with LH?
Don't get so excited old man... you might have a stroke...
As an Indy... they didn't have their claws into me that far... and my vector was canceled because my business was paying it off... slowly...
Now I spend my time removing business from them when I can and when it fits... which is most of the time.
- Thread starter
- #13
Twynn
New Member
- 15
Have you tried e-mailing her?
Yes I have emailed her as well as called with no reply going on 3 months
- Thread starter
- #14
Twynn
New Member
- 15
No. I was paid through my old agency (SLS - Senior Life Services not affiliated with Senior Life Insurance) not directly from an insurance company. I now know to never go captive again or deal with anymore agency’s. I’m happily independent and will stay that way.
- Thread starter
- #15
Twynn
New Member
- 15
- Thread starter
- #16
Twynn
New Member
- 15
I should not have been reported bc I was not notified of any balance as I was told I would be prior to being reported to vector. My previous agency was also suppose to assign another agent to work my book of business since I signed a contract not to contact clients I wrote while I was there which they did not do. Aside from that I had more than enough in residual pay that should have covered any chargeback that came through after I left. I’m quite sure they used my residual pay to pay off my debit balance and then sent me a bill. The insurance companies I wrote for did not report me to vector and the agency should not have either. I wrote a lot of business while I was there and remained a top producer up until the day I left to go independent. I personally believe my up line got upset bc I left which is why they reported me to vector after saying they wouldn’t and I also believe that is why no one was assigned to work my book of business. It seems to be nothing more than them trying to prevent me from being able to contract with more companies to try and push me out if this business which will not work. I’m much too determined for that and always have very loyal clients wherever I go. I love this business and will successfully remain it. My only need is to figure out the next step when all calls and emails have gone unanswered for going on 3 months. I have no problem paying my balance but I want a payment arrangement in writing from my former agency which I have yet to be able to obtain.
If you have not seen the information Vector has on you then go here and click the Agents Go Here link.
Welcome
I was not aware that agency's could/would report to Vector. Thought it was only carriers.
If you have records of an attempt to repay you can still get appointed with other carriers if you don't need commission advances.
Todd mentioned disputing the charge with Vector. I knew credit bureau's will remove debts if the lienholder fails to respond in 30 days. Had never heard that about Vector.
Some say Vector debts never go away. That is not necessarily true.
Regardless, you should make an attempt to resolve it and repay if possible. The challenge with agency debts is that you never know if they are just trying to stiff you or there really is an unpaid chargeback from business that is never resolved by residual commissions.
Welcome
I was not aware that agency's could/would report to Vector. Thought it was only carriers.
If you have records of an attempt to repay you can still get appointed with other carriers if you don't need commission advances.
Todd mentioned disputing the charge with Vector. I knew credit bureau's will remove debts if the lienholder fails to respond in 30 days. Had never heard that about Vector.
Some say Vector debts never go away. That is not necessarily true.
Regardless, you should make an attempt to resolve it and repay if possible. The challenge with agency debts is that you never know if they are just trying to stiff you or there really is an unpaid chargeback from business that is never resolved by residual commissions.
- 17,053
Agencies do report to Vector. At one time when an agent owed a company money and it rolled up to the Upline agency, the insurance company had to remove the vector since the debt was cleared by the agency paying it. That was a horrible system. But the agency could subscribe to vector and put a vector on the agent.
It was changed about a year ago where the company’s vector stays on the agent until the agent pays it off even after the the Upline agency has paid the company.
I hate to see vector being abused by companies (pretty much the ones mentioned in this thread) but it is an important tool for keeping true deadbeats and scam artists from bouncing from agency to agency. Anyone who has downline agents will learn to love vector eventually.
Thanks for the clarification, Scott. I don't have downline agents and never will again. Even when I had agents commissions were always paid AS EARNED.
Never had to deal with deadbeats but had some agents do really stupid things that brought out the long knives. Never had an E&O claim but could have come close because of downline agents.
One agent did cost me a LOT of money in lost (future) business.
Never had to deal with deadbeats but had some agents do really stupid things that brought out the long knives. Never had an E&O claim but could have come close because of downline agents.
One agent did cost me a LOT of money in lost (future) business.
