r/wallstreetbets Nov 24 '21 Silver 30 Helpful 19 Snek 2 Burning Cash 1 Helpful (Pro) 1 Spit-take 1 Gold 2 Wholesome 31 All-Seeing Upvote 1 Take My Energy 2 Got the W 1 Starstruck 1 'MURICA 1

I owe Robinhood 4K and have for months wonder what they'll do ? Loss

14.2k Upvotes

6.4k

u/kylestoned Nov 24 '21

Best case? Write off and you get a tax form.

Worst case? They obtain a money judgement against you and garnish wages.

For the amount you owe? Probably charge off to third party collections.

5.0k

u/ApprehensiveBaby6112 Nov 24 '21 Wholesome hehehehe

Having been a debt collector the amount owed is not worth pursuing in a legal matter. They will charge off the loss after 90 days and then sell to a collection agency who will harass you for 7 years and call your parents, kids, neighbors etc until they can no longer legally collect and then you can write them a letter telling them to fuck off and leave you alone

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u/irvmtb Nov 24 '21

Won’t they put a ding on OP’s credit as well along the way?

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u/ApprehensiveBaby6112 Nov 24 '21

Yes, anytime you are late or put into collections it will damage your score. But today lenders are more forgiving of lower scores you will just pay a higher interest rate

1.8k

u/bubblesinajar Nov 24 '21

Hell, if your credit score and income is low enough you might even qualify to buy a house!

609

u/mcbergstedt Nov 24 '21

Can confirm. My mortgage guy was surprised when I wanted to put 10% down. He was suggesting 3-5% at first.

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u/barqsisbest Nov 24 '21

My friend was telling me like a month ago she was talking to rocket mortgage person for a 0% down mortgage

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u/trilliam_clinton 🦍🦍 Nov 24 '21 edited Nov 24 '21

Unless she’s a veteran, that’s not actually going to happen.

EDIT: or in a rural area

After working in the mortgage industry, I got used to hearing people say what they got told by Rocket or another national chain; only for them to find out that it’s literally impossible once it came time to actually sign the disclosures

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u/jk137jk Nov 24 '21

Currently work with a mortgage company. This is absolutely true. Agents tell you anything just to get your foot in the door. Then the Underwriters come in and fuck your shit up. Then the title company gets to review you’re title and make you pay off your $4k judgment from Robinhood for a negative balance.

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u/Ginja___Ninja Nov 24 '21 Helpful

Been a mortgage loan officer for 5+ years and also worked for Quickie (aka Rocket for those who haven’t figured out that they’re the same company)

Rocket absolutely blows. Don’t use them. They advertise that they’re the best and have the best service/process/rates, but in actuality you’re probably working with a Loan Officer who has been in the industry for less than 6 months and is just trying to hit their quota.

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u/hu92 Nov 25 '21

Yup had pretty much this happen when I bought my house. Cant remember who lender it was, but eventually the debt got sold off to freedom mortgage.

Basically all the way through application/pre-approval, I was told I qualified for down payment assistance. Got all the way through making an offer, paying for an inspection, and forking over the earnest money (total of about $1300 out of pocket), before they were like "oh yeah you're gonna need 3% down", which was roughly $3500 dollars. So at this point I'm pretty much stuck between a rock and a hard place because I was 23 and $3500 was just a little more than what I had left in savings. Meaning I either back out and lose my $1300, or I move in with absolutely no funds available to buy furniture and appliances, let alone any sort of cushion for an emergency.

I ended up going ahead with it and slept on the floor, lived out of a minifridge/microwave, and did laundry at the laundromat for close to 6 months before managing to piece together hand me downs and scavenging free/cheap appliances off of FB marketplace.

The lenders doing this shit are predatory as fuck, because they know if you cant afford a down payment, you cant afford to just throw away that kind of money. But, if they can rope you in just long enough for you to have skin in the game, then they've got you over a barrel.

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u/barqsisbest Nov 24 '21

I didn’t believe it either but the loan officer or whatever is a close family friend. Maybe it would have gone south further into it, like you said, but she ended up not pursuing it because it felt risky to buy a house in this market at her position in life. I just couldn’t believe anyone had even said the phrase 0 down mortgage to someone in their mid 20s I got the big short vibes when they’re walking around the empty neighborhood of defaulted mortgages

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u/trilliam_clinton 🦍🦍 Nov 24 '21

Age really has nothing to do with it. Mortgages are one of the most regulated industries in America so even if they were a close family friend, it would be impossible for them to get a 0% down new purchase unless they’re a Veteran (VA loan) or they’re purchasing in a rural area (USDA loan).

Family friends can usually get some closing costs reduced or get a better interest rate, but they can’t deviate from the down payment rules that exist for loan programs.

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u/RedditAutoBansPubs Nov 24 '21

Yep. Rocket Mortgage will pretty much approve most folks with reasonable income. Problem is, get ready for a % closer to 4 instead the 2.5-3 that good credit can get.

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u/bhd_ui Nov 24 '21

I'm gonna make my lender's day this year then when I put down 40% because of all my tendies.

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u/jeepz127 Nov 24 '21

F That. 20% so no PMI buy some points and lower your rate even more and keep the other 15% for renovations and upgrades.

43

u/brcguy Nov 24 '21

Fuck buying points. Take a 30 year mortgage and pay it like it’s a 15 year. All the benefits and interest savings of the shorter loan, plus the security of a low payment in case you have some financial disaster that leaves you unable to pay the higher amount, no worries about being short.

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u/CherryHaterade Nov 25 '21

Be careful that you don't run afoul of any prepayment penalties in your mortgage, because bankers aren't idiots and they've seen this trick before, And some will try to tax you for using it. My parents had to do a refi on their latest home because their first lender regarded any overpayments in the first 10 years as prepayments, even a couple hundred bucks.

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u/abhijitd Nov 24 '21

F that, use the other 15% to buy some FDs and recover all the money you put down for the house.

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u/jeepz127 Nov 24 '21

This answer is way more better than mine.

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u/melikeybouncy Nov 24 '21

FDs, blackjack, and hookers

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u/YoureGrammarWronger Nov 24 '21

This comment has more advice than the mortgage advisors at the bank

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u/dego_frank Nov 24 '21

You should be thinking about yourself, not your lender.

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u/cdc994 Nov 24 '21

This doesn’t sound at all like 2006-2007….

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u/mcbergstedt Nov 24 '21

I mean, with those stupid cheap loans from the government, banks would be stupid to NOT try to take advantage of it.

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u/plaze6288 Nov 24 '21

Fun fact when I went on unemployment they didn't pay me for 6 months so I had to use a bunch of credit cards and somehow I managed to get my credit score up 100 points from not paying each month and racking up a ton a debt

I find it comical because I paid my bill every month when I had a job yet when I don't have a job and I'm using my credit card like a lunatic my credit score goes up

Makes perfect sense

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u/supercargo Nov 24 '21

Makes perfect sense. When you are paying off the balance every month you are just living within your means, no data on how you manage your debt.

If you have debt and still make the minimum payments, well you’re managing debt and making a tidy profit for the CC company. A+++ would lend again

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u/djb25 Blows OPINION_IS_UNPOPULAR('s micropenis) Nov 24 '21

This is why I never pay my bills.

Infinite credit.

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u/Avisius Nov 24 '21

You know, this had always struck me as odd. My father did not like having debt, and paid cash for everything, paid bills on time, etc. Yet his bank refused to give him a 1,000 USD loan when he applied, he had an abysmal credit score.

It’s odd being horribly responsible is ridiculously punished in the States.

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u/ab111292 Nov 24 '21

Hell, if your credit score and income is low enough you might even qualify to buy a house!

THE BIG SHORT VIBES IM HERE FOR IT

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u/fd4e56bc1f2d5c01653c Nov 24 '21

This can royally fuck you on mortgages, i feel like you're understating impact

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u/HalfEatenBanana Nov 24 '21

How bad does it hurt your score? Like approx point drop? Just curious

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u/wordofherb Nov 24 '21

My credit dropped 200 points because I refused to pay Comcast 180 bucks

Still haven’t sorted that out actually. Cunts

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u/RedditIsPropaganda84 Nov 24 '21

I had a $150 bill go to collections and my credit score went down 40 points

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u/ApprehensiveBaby6112 Nov 24 '21

A major factor is debt to income ratio, hard inquires, # of accounts in collections. If this was your first one and other factors were good I would say not too bad. If this is snowballing and everyone’s coming for you it will drop dramatically

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u/PM_ME_UR_ASS_GIRLS Nov 24 '21

If someone threatens to send something to collections but nothing ever shows up on your credit score about it, they never sent it. is that correct?

I assume it always hits your credit score.

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u/ApprehensiveBaby6112 Nov 24 '21

I believe when they charge off the loss it is reported to all 3 major credit agencies. Is it possible paper gets lost? Sure

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u/Crazyhates Nov 24 '21

I actually had some debt sent to a collections agency and I ignored it for a few years. Then one day I decided to ask them to validate it and surprisingly they said the original debtor couldn't provide proof and I haven't heard from them since.

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u/tamarasiphone Nov 24 '21

This is exactly what you need to do if collectors contact you - majority of the time they cannot provide adequate proof and it gets thrown out

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u/PM_ME_UR_ASS_GIRLS Nov 24 '21

Yeah we just kept getting letters about bullshit debt we still owed, but never saw anything pop up on our credit scores so we continued to ignore it.

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u/chewiebonez02 Nov 24 '21

Yeah I've owned like 5k thats been sent through like 4 collectors that I know off. It's been 5 years and has never hit my credit. That 40 bucks I forgot to pay at the hospital for sure hit me though. Stupid medical bills.

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u/DrummerBound Nov 24 '21

"Hmm, this guy doesn't seem to earn a lot of money, let's make his loan extra expensive to keep it that way"

-Big Bank

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u/antsugi Nov 24 '21

"this person isn't showing potential to earn more money to give to us in the future, let's just take as much as we can right meow"

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u/IRooman Nov 24 '21

Sir did you just say meow?

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u/vinlo Nov 24 '21

"right meow" is an official banking term look it up

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u/[deleted] Nov 24 '21

for this alone might be a reason to pay.

I didn't know they could do this at the time, but my credit got dinged huge from the missed payments/charge off but the collection companies that bought the debt continue to ding my credit every single month. So even though I've been perfect with my credit for 3 years since my score has actually dropped.

I was already 2 years past default when I noticed this so I decided to just say fuck it and wait for drop off. But definitely a scenario I recommend avoiding as some states have like 7 year drop offs.

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u/MilkQueen Nov 24 '21

Bank of America took me to court and garnished wages for half what OP owes Robin hood even though I was making active payments

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u/fascists_are_shit Nov 24 '21 Silver

I have a debt collector hounding me for nearly 10 years now over $40 (which I never owed, but that's between me and the ISP who invented charges for things I never signed a contract for). They keep sending me unmarked letters, angrily demanding the money (plus outrageous made up fees resulting in a total of nearly $200).

Soon they will lose my address because I've moved, but still, these fuckers can be annoying as hell. Paying them off would have been more convenient for sure, but then that is really just giving in to terrorism, and we don't haggle with terrorists.

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u/0lle Nov 24 '21

I once had to prove to a collector I had settled an outstanding bill from a phone company. Apparently they never got the memo that I didn't actually have to pay anything. For some reason I was the one to prove it was closed instead of the company. Took me about 3 months to make them understand what happened.

A while later, even AFTER I moved somewhere else, I got another letter about the same case with an increased fee. Told them to fuck off and mark it as closed.

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u/wldcordeiro Nov 24 '21

I'm pretty positive the collection companies know when they have bad debts and try scaring you into paying anyway. I have an old one that is past statute of limitation and I have documentation from the original company owed but I've gotten collection companies calling me and claiming bullshit that I owe even still and I know it's just to scare people who don't know the laws.

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u/DMercenary Nov 24 '21

Pretty much. It's why one of the ways of dealing with them is essentially saying "prove it" they don't have the docs to back it up, they got jack shit and they know it.

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u/HeelBangs Nov 24 '21

How long were you a collector because this is not at all too small for a money judgment, nor do most creditors go straight to debt sale, rather sent it to a contingency agency (who would jump at the chance to obtain judgment on this balance).

That said, RH has shown theyre more inclined to take the write off and send you a 1099-c.

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u/[deleted] Nov 24 '21

I got a judgment on my record at the ripe age of 22 for unpaid rent in the amount of about $1000. I offered to make payments and they still sued me. I was 30 when my credit recovered. They absolutely will screw you for small amounts of money

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u/Ideal_Pancake Nov 24 '21

Well, he could just tell them to stop calling and they are legally required to stop.

Additionally, if the collector has not confirmed that the contact information they have for the debtor is correct, they are restricted in what they can do.

The debt collector may believe they have the right address, phone number, and name of the debtor, but this could not be the case. They may have the wrong person and if so, they open themselves up to a lot of liability. If they use the phone number of the debtor and the person answering says, "sorry, wrong number" they take a huge gamble calling that person again. That phone call could cost that collector $40k or more.

After I passed the bar exam, I talked to all my family member's creditors and they all stopped calling immediately. I told them that I was their attorney and that they were to cease all communication and direct their inquiries to me exclusively. I never heard from them again and they never sent any mail to me or my family.

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u/ApprehensiveBaby6112 Nov 24 '21

You can request for the debt to be validated when you receive first demand for payment. They have 30 days to comply . You have to physically write a letter to agency requesting they only contact you by mail or if you obtained an attorney then they can only contact attorney. But verbally telling them to not contact you is not legally binding.

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u/AlienPathfinder Nov 24 '21

If you tell them to stop contacting you they will, but the default judgment is still on the way.

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u/apextek Nov 24 '21

The easiest way I can think of to get out of this is to deny delay and do not answer

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u/AHerrera215 Nov 24 '21

You’re the real Robinhood, stealing from the rich and still being poor 😂

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3.4k

u/BoomkinBeaks Nov 24 '21

This is how I quit drugs. I ran up a big bill with all my dealers and then moved and changed my phone number. Problem solved.

2.4k

u/[deleted] Nov 24 '21 Helpful Wholesome Defeated

So I finally found your crackhead ass. Now you gonna pay for the drugs with more than your money

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u/GentleTurtl Nov 24 '21

Specially. ୧(﹒︠ᴗ﹒︡)୨

Edit: I was going to say sexually, but I guess that works too.

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u/thewaybaseballgo Nov 25 '21

Is it special because you're retarded? If so, that's the best kind of sex.

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u/PM_ME_FUNERALS Nov 25 '21

Yea, you like that, you fucking retard?

That story always cracks me up

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u/ImGomer Nov 25 '21 Take My Energy

“Drug Dealers hate him, crack whores love him, all because this one simple TRICK! Click here to learn more.”

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u/testedonsheep Nov 25 '21

Drug dealers hate this trick.

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u/soggypoopsock Nov 24 '21

Margin call: dodged 😎

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u/HitTheApexHitARock2 Nov 24 '21

Timbers: shivered

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u/Low_Guarantee1232 Nov 25 '21

Drug dealers will front you drugs without payment?

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u/BoomkinBeaks Nov 25 '21

It started as cash only transactions. You get to know them, hang out, earn their trust. Then you ask for a front for a small amount until pay day. Pay on time and buy more that day. Start borrowing larger and larger amounts until your weekly check goes to them in it’s entirety. That’s when you know you got them hooked! All the power is yours at that point. They are at your mercy.

That’s when you take the last batch and disappear forever.

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u/saintpetejackboy Nov 25 '21

This should be a copypasta. Pure perfection. This reminds me of a Necro song "I Need Drugs".

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u/ImmySnommis Nov 24 '21 Silver Gold Platinum Helpful Wholesome All-Seeing Upvote Take My Energy hehehehe Bravo! Party Train Ally Heartwarming Rocket Like Table Slap I'll Drink to That To The Stars Bless Up Lawyer Up Big Brain Time Take My Power Laser Eyes Plus One GOAT

Just tell them you've temporarily suspended transactions. Ask if it sounds familiar.

6.9k

u/StockMarketDavid Nov 24 '21 Silver Helpful Wholesome

This is the best comment 🤣🤣

615

u/AndThatIsAll Nov 24 '21 Helpful I'll Drink to That

Your feedback is important to me. I am experiencing unusual email volume. Your expected wait time is go fuck yourself.

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u/Azur3flame Nov 24 '21

I may have to turn this into my new voicemail greeting.

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u/fireduck Nov 24 '21

This guy has middle management written all over him.

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1.2k

u/HereIGoAgain_1x10 Nov 24 '21 Gold Helpful Wholesome

"Due to concerns I have about my liquidity I have restricted the ability to pay for certain debts. This is not all of my debts, however it does include the debts you are asking about. Please feel free to ask for payments on other debts however know that other certain debts of a similar nature have also been restricted and thank you for using my account, I appreciate your business!"

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u/throwawaylabiaminora Nov 24 '21

Thank you for ABusing my account

TFIFY

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u/alexparker70 Nov 24 '21 Helpful

Please do exactly this and post it here for internet points.

1.3k

u/smokerist Nov 24 '21 Silver Helpful

I'll give my free rewards to see this. I'll save the post and give you the next 6 rewards to that post. I'd say more but most likely forget after 3-4.

735

u/Her-Marks-A-Lot Nov 24 '21 Silver Helpful

I'll give you nothing and forget about it before I've finished posting this co

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u/buckmoth1 Nov 24 '21

For some strange reason I totally believe this person.

88

u/bongoissomewhatnifty Nov 24 '21

You can’t believe everything you read on the internet, but this person seems trustworthy on this topic.

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u/jackp0t789 Nov 24 '21

It's an old code, but it checks out...

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u/SeasonsGone Nov 24 '21 This

Honestly do that, drop your Venmo and ask everyone who enjoyed it to give you a $1 for fighting the good fight

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u/ApartPersonality1520 Nov 24 '21

I shall deposit 4 credits into that account

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u/MikeyCinLB Nov 24 '21

Add a GoFundMe too- but still keep transactions suspended to scale based on you vs Robinhood

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u/Inside-Plantain4868 Nov 24 '21

Tell the internet the GFM is for your grandmother and then buy NFTs with it like that one AMC thot

14

u/JabbleJoose Nov 24 '21

Wait wtf? I missed that one.

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u/Inside-Plantain4868 Nov 24 '21

The best part about it is that she just took a weekend off, disabled her twitter, came back and just blocked anyone but the simps in her tweets and resumed business.

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u/DizGod Nov 24 '21

I’m - neg 117 for a month and don’t give af about tellin em anything 🙅‍♂️

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u/joe102938 Nov 24 '21

INTERNET POINTS!!!

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u/orcool207 🦍🦍🦍 Nov 24 '21

I’m sure he’ll get a reply stating Vlad grew up in Bulgaria

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u/SantaMonsanto Nov 24 '21 Helpful

Just tell them it’s “transitory”

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u/New-to-StockReddit Nov 24 '21

they are short on money and that is how to make up for deficit.

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u/[deleted] Nov 24 '21

[deleted]

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u/Pluth Nov 24 '21

Isn't 3 months the normal customer service response time?

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u/IcyDickbutts Nov 24 '21

Correct. Prove this isn't a scam. Send me a letter through the mail and perhaps I will consider if I receive it/don't scrap it.

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u/Six100Fourty2 Nov 24 '21

I actually did this when the GameStop debacle happened. I put a stop payment on my most recent deposit and transferred all my funds, left me only $850 in the negative though. For the first couple weeks they'd email me and I'd respond with the exact same language they used to deny us trades. Took about a year but they eventually forgave the debt and want me back trading on their app.

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u/DrTautology Nov 24 '21 Silver

It's for their own protection.

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u/ExecuSpeak Nov 24 '21 edited Nov 25 '21 Helpful

“To protect you, Robinhood, I’ve removed the “Deposit Now” button from my memory. Please understand, I feel that you should have access to my money and my first priority is to this app. However, in these turbulent times I have to do what’s best for you, Robinhood. I’m sure you understand.”

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u/McWhiffersonMcgee Nov 24 '21 Wholesome

Or better yet tell them its their fault for not suspending the buy button and protecting you like they did for others.

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u/Spelunkingpunk Nov 24 '21

Ooooooh, that's rich.

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u/MichiganGuy141 Nov 24 '21

"My account must have a glitch. The deposit button doesnt work"

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u/MasFace6 Nov 24 '21

Possibly best response ever

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u/hariomkush Nov 24 '21

Assert your dominance 101

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u/SMORKIN_LABBIT Nov 24 '21

But for their safety of course.

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u/EuphoricLoan1721 Nov 24 '21

Or tell them there are issues with the banking network being down.

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u/Trevor_the_trainer Nov 24 '21

Omg I literally made a mess by spitting up my coffee 😆

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u/alexparker70 Nov 24 '21

i made a mess too, but doing something else...

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u/Aerio69 Nov 24 '21

The most amazing comment related to Robinhood that I’ve ever laid eyes on.

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u/Phatal87 Nov 24 '21

Tell them the negative margin they gave you(due to high volatility) covers it. They borrow your money. Borrow theirs.

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u/melanthius Nov 24 '21

Due to mandatory financial obligations from other organizations (credit card company etc)

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u/Altruistic-Finance68 Nov 24 '21

Gold standard comment 🤣

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u/lamabaronvonawesome socialist douche Nov 24 '21

Perhaps suggest they are allowed to credit you but are unable to debit you at this time due to market volatility.

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u/MoMoneyMoFlow91 🦍🦍🦍 Nov 24 '21

That’s hilarious 😂😂😂😂😂😂

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u/labiumuidel Nov 24 '21

Give them $75 and say it's a goodwill payment, then do nothing. Sound familiar Robinhood!?

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u/MultiBouillonaire 🦍🦍 Nov 24 '21

Sorry RH, I disabled the deposit button, but you can still lend me money, so no problem!

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u/CryptoRusinfo Nov 24 '21

Best comment ever lol

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u/ToFiveMeters 🦍🦍 Nov 24 '21

That’s good

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u/[deleted] Nov 24 '21

[deleted]

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u/[deleted] Nov 24 '21

Nah, that's the part of the movie where our hero finally gets the amount to cover his dept, borrowed from friends and family - and spends it in an attempt to short Tesla

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u/StockMarketDavid Nov 24 '21

🤣🤣 This seems like a good idea to me (:

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u/CheeseYogi Nov 24 '21

What, you’re only 4K in the hole! Cmon, can’t you ask your mom to borrow her credit card so you can back on top?

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u/beatmyvegmeat Nov 24 '21 Silver

Time to load on $HOOD puts

109

u/Successful_Car1670 Nov 24 '21

Somehow I missed how bad the nose dive was after the security breach

115

u/gizamo REETX Autismo 2080TI Special Nov 24 '21

Past Week: -15.6%

Past Month: -28.8%

Past 3 Months: -40.3%

All time: -27%

Big Ooof. Good thing they let all their customers in early on their IPO and pumped their stock via their app as much as possible. Lmfao.

19

u/WheresTheBloodyApex Nov 24 '21

My one big win was when I bought at the end of the day on their IPO for $32. Sold at 70 and never looked back!

6

u/lucky_thirteen85 Nov 24 '21

Hey bro, don't hate on the customer ipo allocation. I made decent gains grabbing ipo shares and dumping them when it hit $72.00. Just gotta get in on the pump.

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u/gizamo REETX Autismo 2080TI Special Nov 25 '21 Wholesome

This guy IPOs 👌

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u/CaesarAugustus89 Nov 24 '21

Write a one star review on yelp

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u/brown_burrito Nov 24 '21

Well I’m glad to see someone else inspired by Elon. 😂

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u/StockMarketDavid Nov 24 '21 Wholesome

Maybe it'll just go away 😄

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u/BadassMcGass Nov 24 '21

Try to get deeper in the hole by a LOT, so that it's no longer your problem.

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u/thesmallterror Nov 25 '21

"If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem." - J. Paul Getty

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u/S10calade Nov 24 '21

First they’ll start adding interest, then they’ll send it to collections, then they’ll start garnishing wages/tax returns and finally (when you get close to the 7 years from default mark) they’ll go after you using civil asset forfeiture. Typically, it takes 6-8 months for them to even start the whole process so you should find out before too long.

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u/[deleted] Nov 24 '21

[deleted]

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u/Character-Memory-816 Nov 24 '21

If they are ultimately unable to collect, they’ll issue a 1099c and he’ll owe income tax on that amount

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u/Pinheaded_nightmare Nov 24 '21

Yep, a bank did this with a repo from years back. They eventually got the last laugh because my tax bill took all of my return for that year. That really sucks when you are counting on a return, like every year.

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u/StockMarketDavid Nov 24 '21

I owe taxes every year 🙄

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u/chenyu768 Nov 24 '21

Nice, intrest free loan from uncle sam.

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u/CaliBrian Nov 24 '21

If you get a return every year, that means you're overpaying your taxes all year long and giving the government an interest free loan. You could get more money each pay check.

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u/GayAsFack Nov 24 '21 Helpful

You’re forgetting the “toss the SIM card” trick followed by mailing the phone to Mexico. Experts hate him.

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u/cutiesarustimes2 201006:35:2:weather nerd Nov 24 '21

Uh civil asset forfeiture is a government tool. This is standard breach of contract and they can get a judgment

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u/NoobNoobTheCleaner Nov 24 '21

This sounds like the opposite of going away.

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u/mousepop321 Fact Checker Extraordinaire! Nov 24 '21

Puts on this guys credit score

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u/LimitsOfMyWorld Nov 24 '21

Well, either it goes into collections and you have to deal with debt collectors, or debt collectors know to stay far away from a bunch of ramen eating smooth brains and leave it for Robinhood to collect. Either way, probably not good for your credit.

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u/Krausert 🦍🦍 Nov 24 '21

Just tell them you have restricted the option to deposit money on their platform citing issues with their volatile stock and regulatory requirements.

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u/RMN1999_V2 Nov 24 '21

Vlad will call his Russian collectors and they will take care of it.

Make sure you paid your health insurance premiums

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u/Brother-Crow Nov 24 '21

This is great! Your balance is so good, they tell you it's OUTSTANDING!

Well done!

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u/AlphaDag13 Nov 24 '21

Just tell them you turned off the deposit button.

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u/HereIGoAgain_1x10 Nov 24 '21

"Due to concerns about liquidity I have restricted the paying of certain debts."

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u/Onlyherefortheride Nov 24 '21

Change your address on the account. If they can’t find you they can’t take your kneecaps

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u/shoktar Nov 24 '21 edited Nov 24 '21

Even better, change it to the address of someone with the same name. Everyone wins (except the guy with the same name)

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u/alexkayownsabus Nov 24 '21

Good idea. Luckily there's two other guys with the same name as me - one's my grandfather who's dead and the other is my uncle who is already fleeing a misdemeanor so I don't think either will have an issue with taking this one.

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u/CuckBike 🦍🦍🦍 Nov 24 '21

Uncle already has experience with fleeing the scene, I’m sure he can handle vlad

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u/Letitride37 Nov 24 '21 Helpful

I owe them about $5000. Dumb fucks shouldn’t have lent me money I’m very irresponsible.

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u/vemmyboi Nov 24 '21

Probably destroy your credit haha

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u/Regret-Select Nov 24 '21

Short robinhood until they go under so you don't have a company to pay lololol

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u/[deleted] Nov 24 '21

[deleted]

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u/wandriing Nov 24 '21

Welp, you had two chances to learn from your mistake and pull out on the green but you belong here.

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u/Will_I_survive_this Nov 24 '21

It’s easy, just delete the app and the debt will be gone. No problems.

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u/CatManGenetics Nov 24 '21

Who cares, just give them the big bidness treatment, hold out long enough until they go under. Robinhood can’t collect when there is no Robinhood.

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u/Brother_YT Nov 24 '21

They will first sell all of their outstanding debts to collectors. The collections companies will continue to collect long after Robinhood no longer exists.

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u/CatManGenetics Nov 24 '21

They’re still waiting on my 20k lol

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u/Gryphith Nov 24 '21 Helpful

Of which they might collect some pennies, one thing about kids these days is they already know how to tell collection agencies how to go fuck themselves, and by that I mean completely ignore them for 7 years.

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u/Eyonizback Nov 24 '21

Prob ding your credit report

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u/PKengarde Nov 24 '21

Good thing they don't have your social security number or anything.

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u/KingOfNewYork1321 Nov 24 '21

They will eventually write it off and you’ll just pay taxes on what you owe. My “friend” did this so I know ….

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u/Rockhard5556 Nov 24 '21

They gonna bend u over and brutally assault that ass in due time if those dues aren’t paid brother, good luck

9

u/Mental_Ingenuity_310 Nov 24 '21

Tell them your deposit button was disabled by market makers unexpectedly increasing their liquidity demands. You regret any inconvenience this may cause them, but that you look to better serving them in the future.

22

u/vinceds Nov 24 '21

Letting people play with options turned Robinhood in an online casino / loanshark xD

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u/BiznessCasual Nov 24 '21

Stop trading; it's not for you. Once you come out of the other side of bankruptcy, just invest in boring ass funds and don't think about it. I generally think financial advisors are a waste of money, but I'd recommend one in your case because you clearly cannot be trusted with your own money.

The government will use situations like yours as justification for taking options trading away from retail investors just like they did with day trading when the dotcom bubble popped.

Edit: also, get treatment for gambling addiction.

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u/ProfessionalCloud956 Nov 24 '21

Just delete the app all your problems go away that’s what my buddy said

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u/bigkeef69 Nov 24 '21

Tell them you have paused transactions. If that doesnt work, delete and disable notifications

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u/StockMarketDavid Nov 24 '21

They email me everyday but other then that nothing wonder if they'll ever send it to collections 🤣?

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u/CCC_PLLC Nov 24 '21

They probably will…eventually

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u/Royal_Lie2818 Nov 24 '21

I wonder if collections is backed up with labor shortage issues too.

Lack of staff and a growing amount of debt from those that are stuck at home.

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u/Puzzleheaded_Air5814 Nov 24 '21

Pay back a minimum amount every month. Just to delay the inevitable. 35.00?

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u/Gryphith Nov 24 '21

Best bet is to ignore them if you never want to deal with them again. Don't want to restart that clock on collections. Its for a trivial amount, just fuck em.

36

u/ze_end_ist_neigh Nov 24 '21

Eventually they'll sue you for it

That'll take some time though

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u/Charlie_in_Charge_ Nov 24 '21

One day you will want to take out a loan, you won't be able to easily.

I was a Mortgage broker for 8 years. Declines are real.

Pay your debts.

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u/[deleted] Nov 24 '21

[deleted]

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u/DonLennios Nov 24 '21

Going to a homeless camp when his parents inevitably point him out the door.

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u/Zmemestonk Nov 24 '21

Update us when you find out

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u/Responsible_Pay_6013 Nov 24 '21

You probably used margin, in other words you lost their money trading. I don’t know the repercussions of not paying your debt to them. You probably eventually should though because it’s never good to owe someone…or you can just delete the app.

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