5 Star Life - Chargeback After 18 Months

[g4mobile]

Question: I just found out about a chargeback from 5-Star Life on a policy I wrote 2 years ago. They said the chargeback occurred 18 months from when the policy was written. Is this possible with this company? I have to review my contract.

Chargeback was for the Advance on commissions for a policy written 18 months prior. Policy was terminated 18 months after being written.

 

[jdeasy]

Question: I just found out about a chargeback from 5-Star Life on a policy I wrote 2 years ago. They said the chargeback occurred 18 months from when the policy was written. Is this possible with this company? I have to review my contract.

Chargeback was for the Advance on commissions for a policy written 18 months prior. Policy was terminated 18 months after being written.

Yes, it's possible and likely. The insured probably died and they didn't pay the claim. That would be a chargeback to the agent.

 

[billyb]

Better write them a check or they will Vector you.

 

[Bcrane0305]

Better write them a check or they will Vector you.

They will also send to collections and ruin your chance of ever getting a loan. There is no negotiations, no friendships. They just want the money back.

 

[goillini52]

They will also send to collections and ruin your chance of ever getting a loan. There is no negotiations, no friendships. They just want the money back.

You sound like you're talking from 1st hand experience.

 

[Bcrane0305]

You sound like you're talking from 1st hand experience.

I think we have all gotten the dreaded we want our money back letter lol.

 

[goillini52]

I think we have all gotten the dreaded we want our money back letter lol.

Not me, I never used them.

 

[Bcrane0305]

Not me, I never used them.

Any carrier in general.

 

[goillini52]

Any carrier in general.

I've had a few small chargebacks(from DE), but just paid them and got them out of the way.

Years ago when I was captive I had some large chargebacks. They just held out a % of your commissions each week until they were paid off.

 

[insureitnow]

Been in the biz for years. Had a my share of chargebacks and always paid them as felt they were legit. But I'll be damned if I will simply roll over and hand 5 Star a check for what I truly believe is not legitimate chargebacks.

Yes, my experience with them is there bad rep here is well deserved. Despite my protests and questions, they quickly vectored me. I disputed it. Had one carrier cancel a contract because of Vector before I disputed it. Don't know if they would have or not after I disputed them. Now they have turned over to a collection agency and I am wondering what else they will do. I'm not above turning it over to a lawyer. Yeah, I know, cheaper to roll over, but that's not how I roll. Anyone else have any experience with these guys with this kind of crap? PM me if you like...