Its usually too late to deleverage when volatility spikes, the best advice I have is to use as little leverage as possible.
Fine advice but you can get liquidated in a cash account. http://zerohedge.blogspot.com/2009/07/interactive-brokers-having-really-tough.html
I hope you do realize that unless you pay, your credit will be shot ( unless you sue and win) and you probably won't be able to open an account with another broker....
More than likely the OP has accounts at other brokers - should always deal with at least two brokers anyways.
Can you share with us the option position(s) that caused the margin call? I think it would be very educational to know what happened.
First off thank you to everyone who have replied so far I really appreciate all the responses. In the past I had contacted ib about their margin calculation and unfortunately they wouldn't provide the equation which always made it hard for me to gauge the margin swings when the market moved against me. I completely understand brokers need to protect themselves and think it's good they have systems in place for that. With that said I think ibs automated system needs to be reviewed. I have called them in the past when I have been margin called before begging them to have a human review my positions and they always refuse. It's ridiculous. I hope people read this thread as a cautionary tale and realize what ever flexibility they offer can quickly dry up. I just want this thread to stay Positive and be useful to people in the future. When I contacted ib in regards to my margin deficit I was referred to compliance. Where the individual was quite rude although I am quite willing to repay. But I have to liquidate assets to do so. They did mention a possible payment plan short term of course. But an overall unwillingness to provide concrete information. I will provide updates as they come.
I read this thread. It seems like this guy needs to escalate his question to higher ups. I sincerely doubt that he was charged interest for a positive balance, it must have been some other fee. Regardless, it doesn't seem like that big of a deal to me - just buy your AMSC shares back after liquidation (minus a few shares so you have a positive cash balance). It also seems like that guy was playing with fire with an account so close to $0 in balance.
I have always considered dealing with IB equivalent to dealing with the Monster from the Id in that old movie Forbidden Planet: Better they don't get you in the first place than try to get a reasonable resolution. They hold all the cards and they don't respond to begging.