Debit Balance Scare Today

billyb

Guru
1000 Post Club
2,172
Florida
Get an e-mail this week about a Foresters debit balance. Had a client NT and I didn't know it. Said I had 14 days to pay in full or they would cancel my contract and report me to Vector. Called and was told I have until 4/27 to pay. They sent that e-mail just to get me to respond. They will get my money on 4/26 unless I write a case with them before them.
 
Get an e-mail this week about a Foresters debit balance. Had a client NT and I didn't know it. Said I had 14 days to pay in full or they would cancel my contract and report me to Vector. Called and was told I have until 4/27 to pay. They sent that e-mail just to get me to respond. They will get my money on 4/26 unless I write a case with them before them.

They would get their money but they would not get another piece of business.. Any company that would treat an agent in that manner is not a company I would want to do business with.
 
Get an e-mail this week about a Foresters debit balance. Had a client NT and I didn't know it. Said I had 14 days to pay in full or they would cancel my contract and report me to Vector. Called and was told I have until 4/27 to pay. They sent that e-mail just to get me to respond. They will get my money on 4/26 unless I write a case with them before them.

They are one of the companies that require agents to repay debt balances very fast.
 
They would get their money but they would not get another piece of business.. Any company that would treat an agent in that manner is not a company I would want to do business with.

Can't really blame them, so many agents just ignore it.

As long as they are willing to work with me when I call, I can live with it.

I'll add, not that I can't repay the balance, but I'm not in a rush. I generally see if they will take payments until I send a piece of business their way to wipe it out. Generally it is from companies I rarely use.
 
This letter he got is the first of many in their debt recovery process. Foresters gives agents well over a month to pay a debt balance.
 
Can't really blame them, so many agents just ignore it.

As long as they are willing to work with me when I call, I can live with it.

I'll add, not that I can't repay the balance, but I'm not in a rush. I generally see if they will take payments until I send a piece of business their way to wipe it out. Generally it is from companies I rarely use.
Yeah.. I can blame them. There is no call for using scare tactics against an agent over a debit balance until after they give him a chance to pay and he fails to do so. In this case if he actually has until April 27 to pay it, then that is what they should have said.. not 14 days. Why use an out and out lie just to "get his attention"?
 
First time I have heard from them. The FMO sent me a copy so it must be the first time they saw it too. Never not paid, but the FMO asked that I please take care of it so it won't roll up. I guess that means he would have to pay if I didn't.
 
Yeah.. I can blame them. There is no call for using scare tactics against an agent over a debit balance until after they give him a chance to pay and he fails to do so. In this case if he actually has until April 27 to pay it, then that is what they should have said.. not 14 days. Why use an out and out lie just to "get his attention"?

I agree, this is a turn off. If they have a bad history of agents not paying debit balances, then they should tighten up with who they will allow to contract with them.
 
First time I have heard from them. The FMO sent me a copy so it must be the first time they saw it too. Never not paid, but the FMO asked that I please take care of it so it won't roll up. I guess that means he would have to pay if I didn't.

Yes the upline will be responsible on the 28th if you don't pay. Then you go to vector and to collections. Then the upline will get any backend money you were due.
 
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