Chargeback Debt Continues to Increase - What are the Repercussions of not Paying?

[jdeasy]

Thank you for the thoughts Todd! The debt is with Mutual of Omaha, Aetna, and Americo. Honestly this has been one of the most depressing experiences of my life and I'm getting as far away from insurance as possible. I know this is a great career for many, unfortunately though I got burned bad and I just want to start fresh doing something else. So I'm not worried about staying in the insurance business.

If you accept the debt is valid then pay it back. Every company will work with you on payments. Deal directly with the company owed. Not a middle man. If you owe it, pay it!

Now, if you dispute some or all of it, fight like hell! That's my advice. That may not be prudent advice. But it's what I would do. By not being prudent I mean sometimes it's cheaper to just pay and be done even if you don't believe you owe it.

I don't think like that.

 

[jdeasy]

Funny you mention 5 star . I had a $1300 rescinded death claim chargeback hit the time they shut down in 2016 I believe . Never heard another word . I didn’t write many but I got renewals a while . Anyone still getting renewals from 5 star ?

I get a nice deposit from them every month like clockwork. I wrote my last 1 Star in Dec, 2013. I think they pay renewals for 10 years so I'm winding that down.

 

[jdeasy]

I meant to say premium drafted. I think every company I write for doesn't pay me until draft has cleared, at least that's what I've been told.

Almost every company in the FE arena pays on the draft date or before. They should wait until they know it cleared. But that's not the model.

 

[goillini52]

Almost every company in the FE arena pays on the draft date or before. They should wait until they know it cleared. But that's not the model.

Yeah, I double checked with Med Supp companies.

Seems backwards. I like the odds a lot better of the 1st draft clearing on a Med Supp, than a FE. Seems like they're asking for chargebacks...rough on a new agent.