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TexLaw, Attorney
Category: Legal
Satisfied Customers: 4430
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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Also part of my last question "Im not sure of the effect to

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Also part of my last question "I'm not sure of the effect to my insurance license status and status with other companies I represent or may represent as I am still in the business and would like to get back on my feet, please advise?
Thanks for following up.

The effect of settling this debt with an insurance company for whom you have sold policies should not have any effect on your license status. If the insurance company will settle with you, then any and all disputes regarding the outstanding amount will be settled with it, and thus there will be no effect on your license in terms of any complaints which could be filed against you by the company.

In regard to the insurance companies that you do or may represent, whether this has an effect on those relationships is difficult to predict. Certainly this is not really information which is available publically. If a company wishes to examine your credit report prior to allowing you to sell for them, the item will be listed on it, but it will not have detail as to what exactly the dispute was. If you settle it, it will be listed as settled on the credit report, so a prospective company will simply see that and assume it is over.

It is better to have it stated as settled on the report and be able to state that the charge back was settled then to have it as outstanding.
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