Low commissions & large chargebacks

[Footballguy]

Hi guys. In a little bit of a tough spot here. When I was initially recruited into the IMO I am at now, I was misled in regards to our commission structure. I was told it was 90% commissions, but I soon found out that most products were at 75%-70%, and graded and GI products all the way down to 45%. Keep in mind, I am at an independent brokerage.

The more research I did as of recent, the more horrified I was to learn that by absolutely no means should independent commission be that low, especially while paying for your own leads and marketing. I am now interested in joining Duford insurance group and giving a few others a look, but I cannot get released until my chargebacks are paid off. I am up to around $4.5K of debt right now. I had two massive police's cancel on me. I find that I'm basically running on a hamster wheel, in which the cost of leads, only being on draft pay and my low commission level makes it extremely difficult to even profit each month, nonetheless begin to pay off my chargebacks.

looking for any and all advice to get out of this situation as fast as possible so that I can move to an IMO that actually does this business correctly.

 

[Rearden]

Hey there, Dave here.

We can possibly look at leaving behind those carriers with your current IMO, and picking up new ones with us.

You can negotiate a gradual payoff of the chargeback balances over time. If you communicate, most carriers will give you 6 to 12 months to pay it off.

 

[DayTimer]

I was initially recruited into the IMO

Who is the IMO? As a public service, you should name them so others will be warned to ask the questions you yourself did not know to ask when you were new.

@Rearden is a good guy. You should reach out to him for a conversation..

 

[Baseball7]

Get on a payment plan with whoever you owe money to and start fresh somewhere new.

debt isn't going to go away. Just keep that in mind.

 

[titeye]

Who is the IMO? As a public service, you should name them so others will be warned to ask the questions you yourself did not know to ask when you were new.

@Rearden is a good guy. You should reach out to him for a conversation..

Sounds exactly like Senior Life, with the exception of him having multiple carriers.

 

[DayTimer]

Sounds exactly like Senior Life, with the exception of him having multiple carriers.

I suspect I know, but I'd rather he post it than me guess.

 

[Footballguy]

Hey there, Dave here.

We can possibly look at leaving behind those carriers with your current IMO, and picking up new ones with us.

You can negotiate a gradual payoff of the chargeback balances over time. If you communicate, most carriers will give you 6 to 12 months to pay it off.

Hey David, thank you for the response. I just sent you an email.

 

[Rearden]

Great, will respond now.

 

[jdeasy]

Hi guys. In a little bit of a tough spot here. When I was initially recruited into the IMO I am at now, I was misled in regards to our commission structure. I was told it was 90% commissions, but I soon found out that most products were at 75%-70%, and graded and GI products all the way down to 45%. Keep in mind, I am at an independent brokerage.

The more research I did as of recent, the more horrified I was to learn that by absolutely no means should independent commission be that low, especially while paying for your own leads and marketing. I am now interested in joining Duford insurance group and giving a few others a look, but I cannot get released until my chargebacks are paid off. I am up to around $4.5K of debt right now. I had two massive police's cancel on me. I find that I'm basically running on a hamster wheel, in which the cost of leads, only being on draft pay and my low commission level makes it extremely difficult to even profit each month, nonetheless begin to pay off my chargebacks.

looking for any and all advice to get out of this situation as fast as possible so that I can move to an IMO that actually does this business correctly.

At least the chargebacks are less because your commissions were low.

 

[scagnt83]

At least the chargebacks are less because your commissions were low.