I was trading stocks a few years ago and lost a lot in it. I remember when I lost all I had and got into the CC debt, I also had a negative balance on the Robinhood account. I emailed them if I cant afford to pay that, what would happen? Robinhood told me they would take money from my tax refund . 2 Years have passed. They didn't take money from my tax refund. They also didn't contact me like my cc debt.
I am planning to settle cc debt to rebuild my credit. Should I contact Robinhood and pay all I owe? Or can I settle for less? Or they have no bearings on credit worthiness and report? Would this become an issue if I were to buy a house one day ,if this left unpaid?
How much money are we talking?
If it is a small amount, maybe pay them.
If it is a larger amount, maybe offer payments.
I don't know if it is in your favor, that they have not contacted you yet... (I don't know if you risk contacting them or not; the downside is that if you don't contact them, the debt might one day rear its ugly head on your credit report)...who knows...
Typically if you don't meet the margin call, they liquidate whatever investments you had. After that they might try to attack your linked bank account. If you didn't have any money to take from the bank, then it would go to collections, like normal unsecured debts (since it was like a line of credit that you were given).
Hope this helps.
Thank you . It was around 2900 at one point , then last year the balance shows 0 . and no more statement sent to me after that .
I wonder if they just dropped those debt or indeed sold it to CA?
I can call them to ask I guess.
Don't poke the sleeping bear. Don't call them.
See if you can let the statue of limitations expire on this debt. Don't reset the SOL by calling them because you might say something by accident that indicates you owe it. They will record your conversation most likely.
In the meantime, look through all of your credit reports to see if this has showed up. Deal with it if it shows up on your credit report later or if they contact you about it. For now concentrate on the other parts of your rebuild and set this to the side.
Thank you .
I was going to do what you said , but reading other comment ,it made me worry ,what if this debt suddenly show up and ruin my score when I need buy a home one day ? Or even worse ,they sue me in the court ? It isnt the biggest debt I got ,if they can settle for half ,I might be able to do that .
What do you think?
If you don't have the money to pay it right now, then maybe don't worry about it right now. Take care.
Yeah, given their weird space in the financial sector I'm not sure they're even paying collection agencies to chase down balances unless they're super large. If they're not contacting you about it and you aren't seeing it on your credit report as a delinquent balance, then I would not poke the bear. Especially if you don't have the money anyway, surely there are better places for you to spend it right now.
I borrowed too much from my credit cards and robin hood and get into debt when I was stupid and not aware of risk management. Now no longer trade, just trying to start over.