Chrisroyalty33
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Does anyone know of any carriers that will still appoint an agent that has a vector or companies that do not check vector one?
Vector
- Thread starter Chrisroyalty33
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- 29,491
Why do you want to know? Are you asking for a friend?
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Chrisroyalty33
New Member
- 3
Why do you want to know? Are you asking for a friend?
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Chrisroyalty33
New Member
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New Agent I recruited has one.
- 29,491
I think it would help if he can show that he's made arrangements with the company to pay back what he owes them.
- 5,497
Unless it is a stupid LH vector for leads, I wouldn't think you'd want to recruit an agent who has debt that was allowed to go to vector. I was out of the field for two months due to an accident, and I came back to over $4K in chargebacks I hadn't been able to work to save as I usually do. Once back I went to covering those as quick as I could. It took a few months because these were with niche carriers I do not write regularly. But I made getting those covered a priority. I would have rather have had the $4K in my pocket, but what's right is right.
- 16,884
You realize recruiting means co-signing for his debts, right? If you have good credit and you really trust the guy you can usually leverage your relationship with the carriers you do a lot of production with and reassure them that you will promptly pay any debts he creates and get him approved.
I strongly advise against it unless you know him well and trust that he is turning around. Because he rolled debt to the last guy that did that for him.
What exactly is a Vector?
I mean I just had a conversation that leads me to believe it includes the debt from advances on good buis,
I also saw a thread where it said FMO's generally pick up the debt on advances from good buis, However, here on this threads seems like that is not the norm
Just trying to understand how that works when moving contracts
I mean I just had a conversation that leads me to believe it includes the debt from advances on good buis,
I also saw a thread where it said FMO's generally pick up the debt on advances from good buis, However, here on this threads seems like that is not the norm
Just trying to understand how that works when moving contracts
- 16,884
No. A vector means the agent has bad chargeback debt and he is choosing not to pay it after multiple warnings. He has either already rolled it to his upline or insurance company or is about to.
Insurance companies generally will not appoint an agent that has already screwed over another insurance company until he clears the debts up. You can have bankruptcies Dr. bills repo cars and sometimes even unpaid child support and get appointed but once you start screwing over the insurance companies they know that you’ll never pay them if you didn’t pay the previous one. So they do not want to work with you. If the debt is big enough your current companies might even take you off of advances.
