I recently got a letter in the mail from Bankers saying that I owed them over $1,000 in commissions paid but unearned. It says that I am to remit them that amount within 30 days or they will turn me over to a collection agency.
I worked for Banker's (in the field for about a month and a half or so. I quit because I did not like the cold calling, telemarketing, poor lead system, lying and misleading people, and my training was horrible. Now, 3 months later they are wanting money out of me? The letter included a statement that I can barely make sense of. I earned $1,700 in my time there, now they want over $1,000 of it back? That leaves me with about $600 for more than a month! That's not even minimum wage. The statements show the policies that were cancelled or lapsed or whatever, but how can I be sure of that? How do I know that the agent that was training me didn't write them a new policy (illegal) to take my name off of it. The statement also says that I was paid for a policy ......
2006-08-08 02:48:10 · 6 answers · asked by Duds331 5 in Business & Finance ➔ Insurance
I don't think I was paid for. (Having to get old statement from bank). I don't know what to do. I was right out of college, and promised an unbelievable income and all this great stuff. I was not told that if/when I left that I may wind up owing them money back. I guess one of the forms I did on the computer said something about it, but my manager told me that it was just standard stuff saying I am not an employee of the company, but more like a contractor etc... I feel mislead and taken advantage of. I think they wanted me to come to work, sign up my friends and familiy then they didn't care. I'm chalking this one up to experience, but I still feel like something is not right. Does anyone have any insight on this? Or some spare change? :\ I appreciate advice/insight/help you guys can give me. Thanks. This sucks....
2006-08-08 02:52:32 · update #1
No training fees, had to pay for own licensing, laptop, suits, etc...
It was 100% commission. No sales = no money. I was not guaranteed anything.
2006-08-08 06:15:52 · update #2
I have been in similar circumstances. I left a company and was told I owed money based on leads and cancelled policies. I disputed some of their statements and was able to settle for less than what they said I owed. If you can contact some of the insureds they say cancelled, you may be able to find out if they indeed cancelled or were replaced. Otherwise, you can contact the home office and work out a payment plan. Sorry, but you will eventually have to pay.
2006-08-08 03:32:47 · answer #1 · answered by deep5223 4 · 0⤊ 0⤋
Sounds like you were set up to sell insurance on a straight commission basis, with a draw. What happens is, whatever you sell, you get the commissions off of. When you don't sell "enough", you can "draw" against future commissions, but you have to pay it back.
Also, when companies pay you, they tend to pay you based on the annual premium, at the time the policy is issued. If there are changes made to the policies, or if the policies cancel for nonpayment (or bad checks), that adjustment gets added into/taken from the next commission statement.
It's not an uncommon arrangement with insurance companies.
If you don't believe that policies were actually cancelled, contact the insured and ask them; however, I'd bet you dollars to donuts that the commission statements are correct.
Something else you see is, cost of training charges. If you go in there and they train you & pay for your licensing, and you quit within a certain specified period of time, you sometimes have to reimburse them for licensing fees and training courses. You need to refer to your original employment agreement to see if that applies to you.
2006-08-08 05:01:28 · answer #2 · answered by Anonymous 7 · 0⤊ 0⤋
A tough lesson from the School of Hard Knocks.
If it sounds too good to be true (big salary), it probably is!
You likely do owe them for the time and money commitment they made in training you and you leaving before their 'investment' in you was paid off.
This will teach you to ask really tough questions about how realistic the earning potential is and how to find out EXACTLY how you will be compensated BEFORE you take a job, even if the money sounds great.
2006-08-08 18:00:35 · answer #3 · answered by markmywordz 5 · 0⤊ 0⤋
There are a lot of televisions stations that might want to help you with this, its a great story. I would contact channel 2, 4, and 7 its basically fraud.
See what they say, if anything they might know where to send you.
2006-08-08 04:03:01 · answer #4 · answered by mevanr8x7 3 · 1⤊ 0⤋
I always spend my half an hour to read this blog's posts daily along with a mug of coffee.
2016-08-23 03:50:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Wanted to ask this question too this morning
2016-08-08 08:52:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋