Consumer complaint received 2023-08-17
Company: WELLS FARGO & COMPANY
State: TX
Product: Debt collection
Sub-product: Auto debt
Issue: Attempts to collect debt not owed
Sub-issue: Debt is not yours

Complaint:
Wells Fargo Auto is attempting to collect upon a misrepresented debt amount of {$3600.00}, after this bank offset/setoff/charged off this account on XX/XX/XXXX, which is evident in the XX/XX/XXXX transaction history report of accounting. 

Principal balances of account On XX/XX/XXXX = {$18000.00} On XX/XX/XXXX = {$12000.00} after deficiency balance adjustment On XX/XX/XXXX = {$15.00}, XXXX after collateral sale adjustment On XX/XX/XXXX, sold repo car for {$15000.00} {$15000.00} - {$15000.00} = XXXX XXXX ( off set/set off ) On XX/XX/XXXX = balance changed to {$170.00} ( charge off adjustment ) On XX/XX/XXXX = minus {$170.00} ( principal payment by Wells Fargo on its own ) {$170.00} - {$170.00} = XXXX XXXX again ( 2nd off set/set off ) Wells Fargo relies their false presumption based on an XXXX XXXX, XXXX letter which contains erroneous accounting, that DOES NOT account for the several accounting adjustments. 

I spoke several times with their Escalation department with XXXX XXXX ( XXXX ), XXXX XXXX ( XXXX ), XXXX XXXX XXXX lead ), XXXX XXXX ( XXXX ), XXXX ( XXXX ) and each maintain that my eyes are deceiving me and that I am confused. We went line for line in their accounting and Wells Fargo refuses to believe its own accounting. I believe Wells Fargo is perpetrating deceptive practices and fraud by misrepresenting false accounting contrary to its own accounting statement to get me to rely on this information in order to collect a false debt. 

I will take it a step further with this fraud. Promissory notes are collateral securities. National banks are intermediaries between consumer and Federal Reserve. They securitized the note, possibly sold and/or trading the note making money many times over. The note paid the debt from the inception of this transaction. The promissory note is money of account ( not money of exchange ). They ledgered the note as an asset, and pretended to issue me a loan when in reality the credit derived via my social security account ( remember, social security card is a credit card according to 15 U.S. Code 1602 ( l ) which states, " the term credit card means ANY CARD, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit. '' Wells Fargo only advanced me my own credit thru the federal reserve and not on its own assets or upon the assets belonging to other via fractional reserve banking techniques ( see Modern Money Mechanics by the Federal Reserve ). 

THIS DEBT IS IN DISPUTE. On XXXX I issued Wells Fargo an official validation of debt per 15 USC 1692g to the CFO ( XXXX XXXX ) which was received on XXXX. They have 30 days to respond. I believe the CFO 's office kicked my request and demand back to the escalations department which is the bottleneck of a problem. 

Also, I do not believe there exists an actual application for a loan but only a promise to pay between seller and buyer which was assigned by seller to Wells Fargo, which is not evidence of an application of a loan. I demand to see the original application for the loan or else there is no loan and fraud really was perpetrated upon me. 

About Attached Affidavit of XXXX XXXX. XXXX XXXX was an expert witness in a case who worked for the federal reserve and in this affidavit he explains what money is and what it is not and how banks really operate. Attached is the signed version and the more clearer not signed version.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation