Product: Debt collection

Re : Account ending in XXXX. Validation of Debt under FDCPA. 

Dear CFPB CCXXXX XXXX, Blitt & Gaines and XXXX XXXX XXXX,  Please find my complaint and demand to validate my purported debt which XXXX XXXX XXXX try to claim. 

I am in receipt of Blitt & Gaines ( a predatory lawyers who regularly engaged in illegal collection practices ) Notice regarding an attempt to collect the debt on behalf of a purported creditor XXXX XXXX XXXX, XXXX. regarding {$5400.00} I purportedly owe. Only a creditor who owns a debt or a successor who paid value for the debt has rights to collect. 

First and foremost, I never had any credit Cards or any other debt with XXXX XXXX XXXX, XXXX. ( XXXX ) who purportedly passed it to XXXX XXXX XXXX as successor in interest. Please provide me full disclosure  how XXXX a DE corporation, became my purported creditor and explain XXXX role in my transaction. Please state that XXXX abbreviation stands for. Please provide me documents showing that XXXX is my creditor and the owner of my debt. 

Please be informed that XXXX XXXX XXXX ( XXXX ) failed to respond to my Debt Validation Request mailed on XX/XX/2019 and XX/XX/2019. This is my third request to validate this Debt for me. Based on recent report from the Senate, XXXX XXXX XXXX is engaged in the wide-crime spree which caused reasonable concerns that XXXX uses my personal information without my consent and for inappropriate use such as unjust enrichment at my detriment. 

Pursuant to FDCPA I have rights to validate this debt ; and make sure that I pay to the legitimate party who has a legal right collects the debt, not makes huge income after selling data about of my debt in forms of various derivatives which is an identity theft since my application for CREDIT was not my Intent to Issue any securities backed by my name. Moreover, I suspect that my payments could go to a party who is not a creditor but someone else. 

Please disclose if my debt was a part of a securitization scheme. If it was a securitization scheme, please identify the Issuer for securities backed by my debt ; as well as the names of owners of the debt ( creditors ) who hold Certificates backed by my debt ; and which company/Trust has my debt as an account receivable on their bookkeeping records. 

Is this the same Company who hired Blitt & Gaines, P.C and pay your legal fees? Please provide me a copy of your retainer Agreement with my creditor who hired your Firm ; and the name and contract information for the responsible Agent who is assigned to handle bookkeeping records for the company who owns my debt. 

As you may know, securitization is the action of pooling together cash flows from debt and selling it to third parties as securities. In other words, if someone could be an owner of my debt, it must be an investor who purchased a securitiy backed by my debt. The securitization of credit cards became a major part of Big Banks ( like XXXX ) Ponzi Scheme with derivatives where XXXX and other stockbrokers make $ XXXX {$180.00} per {$1.00} loaned to the customer ( aka pay for financial services, to wit : issue of a Promissory Note ). According to XXXX reports on derivatives, XXXX XXXX XXXX makes at least {$72000.00} profits from trading derivatives backed by each credit card debt with {$6000.00} credit limit. If my credit card debt was securitized by XXXX, I am entitled to the 20 % royalties from all trades, which is {$14000.00}. 

The credit card issuer pledges the accounts and receivables to a master trust. The master trust then sells the securities to investors. The credit card issuer keeps an interest in the master trust. Please identify the Master Trust which keeps my Promissory Note as an asset on their bookkeeping records, under GAAP. Also known as issuance trusts ( IT ), the master note structure backs bonds with a pool of revolving credit card accounts and receivables. As credit card XXXX   issuers grow, they often end up with multiple master trusts. When this occurs, the issuers issue a collateral certificate. The collateral certificate enables the owner to have a claim on all the previous master trusts. 

Please identify all Master Trusts where my debt is securitized as a collateral, with proof of all sales and transfers of my debt ownerships, along with proof of value paid. Please send me a copy of a release of lien from XXXX to XXXX. 

Is XXXX or XXXX the owner of the collateral certificate backed by my loan? Who sold XXXX and XXXX these certificates? Please provide a proof of value paid for my debt by XXXX and XXXX. If XXXX and/or XXXX are Issuers and Sellers of the securities backed by my debt, please identify names of Certificate Holders. 

Credit card asset-backed securities have two main periods after the issue. The two periods are the revolving period and the amortization period. 

Revolving period During the revolving period, investors do not receive principal payments. Instead, investors only receive interest. This enables issuers to use the principal collections to purchase new receivables. This period also lets the issuer finance short term credit card loans by using the principal amounts collected. 

Amortization period When the amortization period begins, principal collections are used to repay the XXXX investors. Unlike corporate bonds, where principal payment is only made once, at maturity, the principal for credit card XXXX are paid gradually over a period of time. In a controlled amortization, principal payments are paid in equal amounts during the amortization period. On the other hand, in a controlled accumulation, principal payments are deposited into a trust account each month and held till the maturity date. 

Once again, please identify the legal owners of my debt and which Trust has an account where my credit card payments are deposited each month. 

Please let me know where the money you lent came from. As the Government mentioned XXXX involvement in money laundering scheme, I want to have an adequate assurance that my credit is coming from a legitimate source. I appreciate an Affidavit from XXXX   employee with personal knowledge and experience in accounting and GAAP. 

Please provide me evidence how my Promissory Note as Appeared on the Application for the Credit was processed by XXXX and XXXX, in accordance with Federal Reserve manual and GAAP. Was it placed as a receivable to XXXX account to generate profits? If yes, please state how much profits were generated by using my signature on the Application as an ASSET on BOA balance sheets where my Promissory Note was recorded as an asset. 

Now please explain me how the cash earlier credited is now deposited. Is this a debit to cash and a credit to a bank liability like a checking account or demand deposit account or savings account. Is it treated as a new ASSET on the XXXX or XXXX balance sheets? Is this new ASSET came from me, as a borrower, thus XXXX owes me a liability related to this new asset? Please provide me the proof where was my Promissory Note ( application to buy a credit card ) recorded byXXXX. It should be in XXXX loan accounts. 

Please send me a document where it said that I allowed XXXX or XXXX   to use my name, signature and reputation to trade on the open market as a security to generate profits for XXXX. XXXX got my Promissory Note/Application for Credit for free and I suspect that is was used as an asset to generate massive profits by trading on my name, which equates to identity theft ; swindling and counterfeiting. 

I respectfully request to validate for me this debt and provide me adequate assurance that my promissory Note was properly recorded in XXXX bookkeeping ; disclose if my application was used as a guarantee for any trades ; the amount of profits received from trades ; and a copy of the document where these transactions were explained to me and I gave my permission to these trades. 

Once BOA provide me a full validation of Debt and Adequate Assurance, I will send you the next payment. This is not a refusal to pay but the request to validate the Debt and Letter for Adequate Assurance. 

Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 ( b ) that your claim is disputed and validation is requested. This is NOT a request for verification or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you.

At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major Credit Bureaus ( XXXX, XXXX   or XXXX ) this action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing legal action against you for the following : Violation of the Fair Credit Reporting Act Violation of the Fair Debt Collection Practices Act Violations of RICO Act Violations of Hobbs Act Defamation of Character If your offices are able to provide the proper documentation as requested in the following Declaration, I will require at least 30 days to investigate this information and during such time all collection activity must cease and desist. 

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes any listing any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is. 

If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately. 

I would also like to request, in writing, that no telephone contact be made by your offices to my home or to my place of employment. If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS. 

It would be advisable that you assure that your records are in order before I am forced to take legal action. This is an attempt to correct your records, any information obtained shall be used for that purpose. 


Sincerely XXXX XXXX