Bankruptcy and Becoming a Licensed Agent
- Thread starter japetta
- Start date
- 26,882
Shouldn't be a big deal getting appointed. Getting advanced and the percentage of advance will be more up to your GA. They ultimately co sign for you. Is the 13 discharged or are you still under 13?
side note: If you can afford to start all as earned or at a lower advance %, In six months you should start seeing a steady income and not be sweating charge backs.
side note: If you can afford to start all as earned or at a lower advance %, In six months you should start seeing a steady income and not be sweating charge backs.
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The real question is will they advance you or not...Most will contract you...but will they loan you money is the question...
Some companies like Americo require a certain credit score these days,,it use to be 550 or higher,,not sure what it is today.
- Thread starter
- #4
- 707
Why chapter 13? Not much of a relief. Don't you still have to pay back a chunk of what you owe, plus all the lawyer fees, court fees etc.
I had a client that filed chapter 13 and she got f'ed! She only owed 15k or so and when it was all said and done, with all the fees and payment plan, she had to pay back $800 a month for 3 years.
I had never heard of such a thing. What's the point? Anyway, I'm assuming you have a much larger debt and aware of your options. Just thought I would throw it out there.
As soon as you file and the case is settled, get a couple of secure credit cards and start building up your credit again. After a year, most Credit Unions will offer you a car loan and this will also help you build credit (if you need a car that is).
You'd be surprised how fast you can build up your credit score.
I had a client that filed chapter 13 and she got f'ed! She only owed 15k or so and when it was all said and done, with all the fees and payment plan, she had to pay back $800 a month for 3 years.
I had never heard of such a thing. What's the point? Anyway, I'm assuming you have a much larger debt and aware of your options. Just thought I would throw it out there.
As soon as you file and the case is settled, get a couple of secure credit cards and start building up your credit again. After a year, most Credit Unions will offer you a car loan and this will also help you build credit (if you need a car that is).
You'd be surprised how fast you can build up your credit score.
We already have a problem in the insurance industry with a lot of the agents being snakes,weasels, and crooks. To allow people who have taken out bankruptcy to enter into the business is a recipe for disaster. That is an inarguable point! The thing of it is I have no say in the matter so good luck and stay away from credit in the future!
We already have a problem in the insurance industry with a lot of the agents being snakes,weasels, and crooks. To allow people who have taken out bankruptcy to enter into the business is a recipe for disaster. That is an inarguable point! The thing of it is I have no say in the matter so good luck and stay away from credit in the future!
Staying away from credit in the future is some awesome advice!
Why in the world anybody would want to pay an "upstanding financial institution" 20-35% interest to carry a piece of plastic around is beyond me.
Once I was told; "If I couldn't pay cash for it, I couldn't afford it." Turned out to be so true....
Not everyone has debt because they used credit cards or took out loans. It might be medical bills. Some people end up with poor credit due to a spouse or former spouse.
With the $15,000 and chapter 13, what attorney would file that? If she earned enough that she could not do a chapter 7 how could she not work something out to pay back 15K? They aren't telling you the whole story or they were given awful advice.
Credit unions also have secured installment loans. Penfed (cost $20 or so to join NMFA) had the lowest rates for a secured installment loan when I looked into it. I opted to go with a local credit union but Penfed had the best rate. If you buy something from Crown Jeweler's that will give you a tradeline.
Some credit unions have secured credit cards too. The annual fees will be lower than a lot of the non credit union secured cards!
With the $15,000 and chapter 13, what attorney would file that? If she earned enough that she could not do a chapter 7 how could she not work something out to pay back 15K? They aren't telling you the whole story or they were given awful advice.
Credit unions also have secured installment loans. Penfed (cost $20 or so to join NMFA) had the lowest rates for a secured installment loan when I looked into it. I opted to go with a local credit union but Penfed had the best rate. If you buy something from Crown Jeweler's that will give you a tradeline.
Some credit unions have secured credit cards too. The annual fees will be lower than a lot of the non credit union secured cards!
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