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Thread: Debit Balance Owed

  1. #1
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    Default Debit Balance Owed

    I'm trying to get back into the insurance business. I believe I could have a debit balance owed one particular carrier and therefore listed on Vector One. How do I personally check to see if I am reported to Vector One? They require something in writing and want to answer in 5 business days. I want an answer immediately if possible.

    Thanks


  2. Last edited by Jack Wilburn; 10-18-2010 at 09:32 AM.

  3. #2
    Senior Member Level 2 Norwayguy's Avatar
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    Quote Originally Posted by Jack Wilburn View Post
    I'm trying to get back into the insurance business. I believe I could have a debit balance owed one particular carrier and therefore listed on Vector One. How do I personally check to see if I am reported to Vector One? They require something in writing and want to answer in 5 business days. I want an answer immediately if possible.

    Thanks
    http://vector-one.com/ContactAgent.aspx

    Vector One’s Agent Hotline
    (800) 860-6546

    This hotline is available 24 hours a day, 7 days a week. The Hotline details instructions to Agents wishing to be provided with the name of the company or companies posting the alleged debit balance, including the specific contact person at the posting company or companies. You may also click the link below to download the “Agent/Agency Information Request Form,” complete it in its entirety (or send a written request containing the information detailed in the form), and mail or fax it to Vector One.
    You can also contact the carrier...they may not report you to vector, they can only do that if they are a member. A sure fire way to solve this problem from popping up in the future it to pay your debit balance. The companies will work out payment plans...I know sometimes it feels like we get a raw deal but the ethical thing to do is pay your balances...I had to do this years ago with Bankers Life and I think I got screwed by other agents rolling my business but I'm happy I never have to worry about it.
    Peter G Langelier
    plangelier@langelierinsurance.com www.langelierinsurance.com
    Licensed Resident Agent Maine Life/Health & Variable Contracts

  4. #3
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    xrac's Avatar
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    Quote Originally Posted by Norwayguy View Post
    http://vector-one.com/ContactAgent.aspx



    You can also contact the carrier...they may not report you to vector, they can only do that if they are a member. A sure fire way to solve this problem from popping up in the future it to pay your debit balance. The companies will work out payment plans...I know sometimes it feels like we get a raw deal but the ethical thing to do is pay your balances...I had to do this years ago with Bankers Life and I think I got screwed by other agents rolling my business but I'm happy I never have to worry about it.
    Good advice!

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