Leaving Lincoln Heritage

M

mrnobody

New Member
2
Hello one and all. I'm part of the many unfortunate ones who joined LH and got an eye opener.
I got a letter saying that because I didn't turn over enough business recently that they will terminate their contract with me. The letter also stated for me to pay my lead balance and charge backs (makes perfect sence to me) but they want me to also pay back all the commissions I made that are folks who are still on the books paying!! That makes no sence to me! What happens if you leave and don't pay your commissions back to them? At this point I need a break from the 1099 world and need to recoup my losses. It says in my contract that the balance goes to the agent whom I am under. Are they making double off of me by having him and me pay it or is my MGA trying to make sure he doesn't absorb my balance and just gets my pay through.

Any and all insight In leaving LH would be deeply appreciated!
Thank you!

Mr. Nobody
 

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mrnobody said:
Hello one and all. I'm part of the many unfortunate ones who joined LH and got an eye opener.
I got a letter saying that because I didn't turn over enough business recently that they will terminate their contract with me. The letter also stated for me to pay my lead balance and charge backs (makes perfect sence to me) but they want me to also pay back all the commissions I made that are folks who are still on the books paying!! That makes no sence to me! What happens if you leave and don't pay your commissions back to them? At this point I need a break from the 1099 world and need to recoup my losses. It says in my contract that the balance goes to the agent whom I am under. Are they making double off of me by having him and me pay it or is my MGA trying to make sure he doesn't absorb my balance and just gets my pay through.

Any and all insight In leaving LH would be deeply appreciated!
Thank you!

Mr. Nobody
Click to expand...
The unpaid amount will only roll up to the person or agency above you if you don’t pay it back . Unfortunately you got involved with an mlm . Now the lead costs I understand they want back . But your advancement debt should decrease as some of the policys continue paying . I don’t know how they can ask for all that money back when they will get some back . But that’s how mom’s operate
 
mrnobody said:
Hello one and all. I'm part of the many unfortunate ones who joined LH and got an eye opener.
I got a letter saying that because I didn't turn over enough business recently that they will terminate their contract with me. The letter also stated for me to pay my lead balance and charge backs (makes perfect sence to me) but they want me to also pay back all the commissions I made that are folks who are still on the books paying!! That makes no sence to me! What happens if you leave and don't pay your commissions back to them? At this point I need a break from the 1099 world and need to recoup my losses. It says in my contract that the balance goes to the agent whom I am under. Are they making double off of me by having him and me pay it or is my MGA trying to make sure he doesn't absorb my balance and just gets my pay through.

Any and all insight In leaving LH would be deeply appreciated!
Thank you!

Mr. Nobody
Click to expand...
I wouldn't pay back advances on biz that is still on the books. That will resolve itself in 9-months or less. You do have to pay your leads that you recieved which you should NEVER have let them finance those but too late for common sense advice now. And of course the chargebacks you have to pay back.
Don't go through the rest of your life thinking you can't sell insurance. You never stood a chance the way they were having you do it. Get your life straight and save up a few thousand so you can survive your start up month or two and you you can give it a go the correct way. It's a great biz but too many vultures taking advantage of green new agents.
 
Newby said:
I wouldn't pay back advances on biz that is still on the books. That will resolve itself in 9-months or less. You do have to pay your leads that you recieved which you should NEVER have let them finance those but too late for common sense advice now. And of course the chargebacks you have to pay back.
Don't go through the rest of your life thinking you can't sell insurance. You never stood a chance the way they were having you do it. Get your life straight and save up a few thousand so you can survive your start up month or two and you you can give it a go the correct way. It's a great biz but too many vultures taking advantage of green new agents.
Click to expand...
Scott, if he pays the chargeback and lead balances, but not the advances, will they still Vector him? I’ve heard stories!
 
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