Don't pay chargebacks - what can happen?

[Lynx]

Hi, new to this board, wish I found this forum when I was still a agent.
If I had I wouldn't have gone with Aflac. ughh

now you understand the title, I have left the business after a very horrible year with Aflac, as many of you know chargebacks with Aflac is unavoidable, I owe them over $700 (almost half of what i made working for them) some time goes by and I get a letter saying they will turn it over to their legal department(boo-hoo) if I don't pay, my question is, what will happen if I don't pay? sue me? ruin my credit? harrass me?

after racking up over $6000 in personal debt working for them (I know I know) and turning over alot of leads to another agent who opened a couple accounts that I was working on for a good part of a year. Paying Aflac back for the few commissions I made makes me sick.


any advice?

thanks,

 

[David C]

Will they ruin your life? No.

Will you feel better if you at least make arrangements to pay it back over time? I bet you will.

 

[slushhhpuppie]

Owing a delinquent debt to an insurance company can prevent you from becoming appointed with other carriers.

It can also affect your E&O premiums, and open you up to sanctions from your state's DOI.

 

[Lynx]

I'v never left a dept unpaid this one just happens to get me worked up and feels unjustified.

I have no plans on ever doing insurance sales again and never got E&O, now the issue with the state DOI doesnt sound fun.

 

[STIBROKER]

would not worry about the DOI....but you need to address it....FIRST LINE OF DEFENSE....write them a letter and send it certified that your records do not match theirs and you will need a detailed accounting of clients this money was derived from and what dates it was paid to you as well as start dates and end dates of these clients and if they are still paying each month as well as will if your account will pay out over time.....

I'v never left a dept unpaid this one just happens to get me worked up and feels unjustified.

I have no plans on ever doing insurance sales again and never got E&O, now the issue with the state DOI doesnt sound fun.

 

[Crabcake Johnny]

Most likely they'll send you a few warning letters, then refer the account to collections. You might not like the phone ringing at 8am.

 

[Guest]

Paying Aflac back for the few commissions I made makes me sick.

They gave you an advance against commission. The only commission you 'earned' was for the prems the clients actually paid! You owe the money.

It's no different than if you worked flipping burgers and your friend gave you $700 until you got your next pay check... but you got fired (or quit). You still owe him the money.

It's only $700. Pay it and chalk the whole insurance thing up to experience. You are wiser now than you were before.

Try to remember: "Good judgement comes from the experience of bad judgement!"

Good luck to you.

Al

 

[Crabcake Johnny]

I wouldn't risk the credit hit for $700.

 

[STIBROKER]

but what if his account would pay out....

They gave you an advance against commission. The only commission you 'earned' was for the prems the clients actually paid! You owe the money.

It's no different than if you worked flipping burgers and your friend gave you $700 until you got your next pay check... but you got fired (or quit). You still owe him the money.

It's only $700. Pay it and chalk the whole insurance thing up to experience. You are wiser now than you were before.

Try to remember: "Good judgement comes from the experience of bad judgement!"

Good luck to you.

Al

 

[senior-advisor-indiana]

My account would pay out one of my debts. The company didn't see it that way though. They took me to small claims. It was for $250