Possible Outcomes for Charge Back Debt and Vector L

EastCoastAgent

New Member
4
So.... I told my "captive agency" manager that I would leave to contract independently, and that all policies I wrote with effective dates set for the following year that needed to be cancelled were not cancelled yet. I was waiting to cancel the policies once I got my money straight... which never really straightens out right? jk ...not really.

anyway, those advances will come back to haunt me all at once. (lump sum)

He told me not to cancel them, and the he would try to save most of them if possible. Also to dig in and call those clients to see if there were any fraud going on. :no:

Anyway, he told me I might be put on a vector list. So I rushed to get my contracts approved.... - which i did.

And so now, present day, I have several contracts through one FMO at the moment, and I'm wondering:

1.) is it possible that i can lose my appointment due notification credit or vector status? (I'm thinking not, but just cchecking)

2.) I am saving up to pay taxes come april, and my manager said he would try to arrange an installment agreement to pay my due (charge backs). Are those pretty flexible? COuld I wait to pay those installments (for charge backs) after april or something? or what will happen if I can't pay right away?

If my charge back debt is only 2-3k is it likely he would take me to court or try and screw me over in any way.


I'm really paranoid, and so stressed about paying rent, taxes, and debt that I want to blow my head off!!!
I just want to get my mind right. I hope someone with a lot of first hand experiencce and hindsight into this matter can give me truth to the reality of how these situation are handled ...

Thank ye kindly!
 
So.... I told my "captive agency" manager that I would leave to contract independently, and that all policies I wrote with effective dates set for the following year that needed to be cancelled were not cancelled yet. I was waiting to cancel the policies once I got my money straight... which never really straightens out right? jk ...not really. anyway, those advances will come back to haunt me all at once. (lump sum) He told me not to cancel them, and the he would try to save most of them if possible. Also to dig in and call those clients to see if there were any fraud going on. :no: Anyway, he told me I might be put on a vector list. So I rushed to get my contracts approved.... - which i did. And so now, present day, I have several contracts through one FMO at the moment, and I'm wondering: 1.) is it possible that i can lose my appointment due notification credit or vector status? (I'm thinking not, but just cchecking) 2.) I am saving up to pay taxes come april, and my manager said he would try to arrange an installment agreement to pay my due (charge backs). Are those pretty flexible? COuld I wait to pay those installments (for charge backs) after april or something? or what will happen if I can't pay right away? If my charge back debt is only 2-3k is it likely he would take me to court or try and screw me over in any way. I'm really paranoid, and so stressed about paying rent, taxes, and debt that I want to blow my head off!!! I just want to get my mind right. I hope someone with a lot of first hand experiencce and hindsight into this matter can give me truth to the reality of how these situation are handled ... Thank ye kindly!

Why would you cancel policies? That part doesn't make sense.
 
So.... I told my "captive agency" manager that I would leave to contract independently, and that all policies I wrote with effective dates set for the following year that needed to be cancelled were not cancelled yet. I was waiting to cancel the policies once I got my money straight... which never really straightens out right? jk ...not really.

anyway, those advances will come back to haunt me all at once. (lump sum)

He told me not to cancel them, and the he would try to save most of them if possible. Also to dig in and call those clients to see if there were any fraud going on. :no:

Anyway, he told me I might be put on a vector list. So I rushed to get my contracts approved.... - which i did.

And so now, present day, I have several contracts through one FMO at the moment, and I'm wondering:

1.) is it possible that i can lose my appointment due notification credit or vector status? (I'm thinking not, but just cchecking)

2.) I am saving up to pay taxes come april, and my manager said he would try to arrange an installment agreement to pay my due (charge backs). Are those pretty flexible? COuld I wait to pay those installments (for charge backs) after april or something? or what will happen if I can't pay right away?

If my charge back debt is only 2-3k is it likely he would take me to court or try and screw me over in any way.


I'm really paranoid, and so stressed about paying rent, taxes, and debt that I want to blow my head off!!!
I just want to get my mind right. I hope someone with a lot of first hand experiencce and hindsight into this matter can give me truth to the reality of how these situation are handled ...

Thank ye kindly!

Ya, I'm not understanding why you would cancel any policies that you already wrote if you were getting paid on them. My advice is to keep those cases active and then write any new business through your new IMO. Some carriers can/ will cancel appointments or take away your annualization for vectors. With most carriers, once your appointed, you're good but of course that's not all. Ask your IMO. They should know. Good luck!
 
Agh, my bad...
So here's an example of why i need to cancel a policy

1.) prospect's effective date is 4 months down the road. (turning 65)
2.) I get an advance the week I wrote it.
3.) Prospect asks me to cancel policy, they went with someone else or they changed their mind. etc.
4.) I hold off on canceling the policy until near the effective date (more cash on hand)
5.) My boss thinks I'm scamming

My main concern then, is what are possible outcomes of hot water if I cannot pay in time of 2-3k debt. What could happen - worst case scenario?
 
Agh, my bad...
So here's an example of why i need to cancel a policy

1.) prospect's effective date is 4 months down the road. (turning 65)
2.) I get an advance the week I wrote it.
3.) Prospect asks me to cancel policy, they went with someone else or they changed their mind. etc.
4.) I hold off on canceling the policy until near the effective date (more cash on hand)
5.) My boss thinks I'm scamming

My main concern then, is what are possible outcomes of hot water if I cannot pay in time of 2-3k debt. What could happen - worst case scenario?

I don't understand, Is it a multible choice question or is it all of the above?

Either way if a client has asked to cancel a policy you need to make sure it is either cancelled or they have number to call and cancel. If a client has not asked you to cancel you have no right to cancel whatever your personal concerns are.
 
Let me guess.. you're with Bankers Life?

So.... I told my "captive agency" manager that I would leave to contract independently, and that all policies I wrote with effective dates set for the following year that needed to be cancelled were not cancelled yet. I was waiting to cancel the policies once I got my money straight... which never really straightens out right? jk ...not really.

anyway, those advances will come back to haunt me all at once. (lump sum)

He told me not to cancel them, and the he would try to save most of them if possible. Also to dig in and call those clients to see if there were any fraud going on. :no:

Anyway, he told me I might be put on a vector list. So I rushed to get my contracts approved.... - which i did.

And so now, present day, I have several contracts through one FMO at the moment, and I'm wondering:

1.) is it possible that i can lose my appointment due notification credit or vector status? (I'm thinking not, but just cchecking)

2.) I am saving up to pay taxes come april, and my manager said he would try to arrange an installment agreement to pay my due (charge backs). Are those pretty flexible? COuld I wait to pay those installments (for charge backs) after april or something? or what will happen if I can't pay right away?

If my charge back debt is only 2-3k is it likely he would take me to court or try and screw me over in any way.


I'm really paranoid, and so stressed about paying rent, taxes, and debt that I want to blow my head off!!!
I just want to get my mind right. I hope someone with a lot of first hand experiencce and hindsight into this matter can give me truth to the reality of how these situation are handled ...

Thank ye kindly!
 
If my charge back debt is only 2-3k is it likely he would take me to court or try and screw me over in any way.

it is as simple as this.. You owe them money. They will try to collect in anyway they can.. Put the shoe on the other foot. If they owed you "only" 2-3K would you expect them to pay? And if they didn't, would you consider trying to collect from them as "screwing them over"? :skeptical:
 
Wow You guys are really helpful THanks!!! (sarcasm)

disrespecting me because of insinuations.

I jsut wanted to know what that process looks like. Do they go after my car? etc etc. I literalyl have no cash on hand and am living rent to rent.
 
Wow You guys are really helpful THanks!!! (sarcasm)

disrespecting me because of insinuations.

I jsut wanted to know what that process looks like. Do they go after my car? etc etc. I literalyl have no cash on hand and am living rent to rent.

Get a sense of humor. Those that have responded have actually tried to help you. If you cannot see that take your ball and go home.

First off spell check could help. Second off the ole saying blood from a turnip applies in your situation.

They can and will Vector you. Based on your post it seems like you're gaming the situation. IF A client has cancelled and you have not reported that to the carrier that is as good as FRAUD.

Should that be your end goal...your IP has been recorded and I have no doubt that the forum would co-op with authorities to find you.

You ask questions and don't like the answers and then want to blame those trying to help.

If all of the above is really the case...McDonald's is always hiring...to improve your chances of getting a job you should practice "Do you want Fries with that".
 
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