Consumer complaint received 2023-12-10
Company: FREEDOM FINANCIAL NETWORK
State: CA
Product: Debt collection
Sub-product: Other debt
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
Achieve loan and XXXX XXXX XXXX misrepresented themselves and withheld critical information from me when this contract was extended. Achieve loan be the seller of the contract and XXXX XXXXXXXX XXXX acting as the lender. Achieve did not disclose the contract itself is the collateral that secures payment. Not only did Achieve make money from this transaction but XXXX XXXX XXXX as well being the depository bank. Seeing how this is my security I should legally and lawfully be receiving my share of the investment for my benefit. It is known under federal law that banks are BARRED from loaning money therefore XXXX XXXXXXXX XXXX can not lend anything of value. Neither Achieve Personal Loans or XXXX XXXXXXXX XXXX take into consideration the harm and damages this deception would cost me. 
( 9 ) " Financial asset, '' except as otherwise provided in Section 8-103, means : ( i ) a security ; ( ii ) an obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment ; or ( iii ) any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this Article.

As context requires, the term means either the interest itself or the means by which a person 's claim to it is evidenced, including a certificated or uncertificated security, a security certificate, or a security entitlement.

( 14 ) " Securities intermediary '' means : ( i ) a clearing corporation ; or ( ii ) a person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity.

( 15 ) " Security, '' except as otherwise provided in Section 8-103, means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer : ( i ) which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer ; ( ii ) which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests, or obligations; and ( iii ) which : ( A ) is, or is of a type, dealt in or traded on securities exchanges or securities markets; or ( B ) is a medium for investment and by its terms expressly provides that it is a security governed by this Article.

( 16 ) " Security certificate '' means a certificate representing a security.

( 17 ) " Security entitlement '' means the rights and property interest of an entitlement holder with respect to a financial asset specified in Part 5.

Company response to consumer: Closed with explanation