September 15, 2016

Dear Sir or Ma'am,

Please accept this letter of explanation regarding a debit balance showing on VectorOne. This happened in the midst of the 2007-2009 financial crisis. Today I can't recall exact dates, which insurer, nor the exact amount. However, I do recall how this happened. I received a telephone call from a current Medigap customer asking if I would stop by the next day; he had a mutual fund that was loosing money, as he said, hand over fist. I went by his house and did all of the fact finding, etc. He agreed that the Fix Equity Indexed Annuity I presented to him made siencse and would be a better option in preserving his assets. So I wrote up the application,. iIt did get approved and I delivered it. Sometime before the free look was over he cancelled the policy. This is how the debit occurred. Now, I'm was just starting out on my own as an independent agent during the 2007-2009 Financial Crisis. tThat commission check, like the scarce few before and after, was spent before I even received it. Trying desperately to stay in business during this time, my family was hit with news that my wife's father was diagnosed with Alzheimer's and other illnesses and; we were told they couldn't say how long he had. Let's just say my family and I were really struggling. I recall once I got word of the cancellation, I called the carrier and ask what I could do since the money was already gone. They told me I had thirty days to repay it in full or pay one thousand five hundred a month until I could write a replacement policy. I explained at that time there was no way I expected I could pay fifteen hundred a month, nor could I pay in full. I asked if I could start paying back $350-$500 a month until I could write a replacement policy. I was told no. That; they would not accept that agreement.
Since 2008 I have been out of the insurance business. I took care of the customers that called and needed help, however I no longer solicited new business. Today, I am seeking to return to the insurance business as a full-time producer and work toward paying of this debit and the many others I have.