Consumer complaint received 2024-05-04 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: PENTAGON FEDERAL CREDIT UNION
State: CA

Complaint narrative:
This is a request of Recoupment, XXXX XXXX XXXX the creator of the promissory note that was signed, PENFED CREDIT UNION and others are using it, XXXX XXXX XXXX XXXXXXXX XXXX XXXX IS requesting XXXX  means XXXX XXXX XXXX XXXX want our property back or have the account set off. Recoupment in practice is a counterclaim in a civil procedure. That is how one does a XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX  understand that there is an arbitration agreement in place. XXXX XXXX XXXX XXXX has not filed a counterclaim on the grounds as of yet, to recoupment as 1099c has been filed by XXXX XXXX XXXX XXXX XXXX XXXXXXXX  to set off debt. XXXX XXXX XXXX XXXX can use the financial liability of the accounting ledger to offset the financial asset we have the right to do that. But you have the right to do that if you are the creditor on the liability side and the bank or lending institution is the debtor on the liability side. 

XXXX XXXX XXXX give a bank a promissory note to PENFED CREDIT UNION, and PENFED CREDIT UNION is required to give you a cash receipt. 

PENFED CREDIT UNION owes XXXX XXXX XXXX that money under a XXXX or asset. XXXX XXXX XXXX took both receipts back on each promissory note, PENFED CREDIT UNION never give monies back. 

This is called an offset in accounting, but in the UCC it is called a XXXX XXXXXXXX XXXX XXXX is asking in defense in XXXX under UCC 3-305, and a claim under 3-306, you have a possessory and property claim against the cash proceeds under the liability side of the ledger. UCC 3-306, there can not be a holder in due course on a promissory note.

Under Title 12 USC 1813 ( L ) ( 1 ) when you deposit a promissory note, it becomes a cash item. It becomes the equivalent of cash because I have a cash receipt. I talked to XXXX XXXX, one the heads of the XXXX XXXX. He has been a government witness in court cases regarding XXXX. NOTED : XXXX XXXX XXXX is the creditor on the payables side of the ledger. PENFED CREDIT UNION owes XXXX XXXX XXXX money. 
XXXX XXXX XXXX is bringing up XXXX and Request collection on the receivables. 

Under civil rule XXXX, XXXX XXXX XXXX XXXX XXXX XXXX has a right to bring a mandatory counterclaim, which is based on the same transaction. Under the rules XXXX XXXX XXXX XXXX XXXX XXXX does not waived it and not ignorant of the rules. 


So, in XXXX XXXX XXXX XXXX XXXX XXXX  Request for recoupment in the request non-response. PENFED CREDIT UNION puts in admissions that they admitted by non-response. Please respond so we have no dilemma or affidavit of a lost note or destroyed instrument. 

Under UCC 3-309 you have to show four elements to claim a lost instrument : XXXX ) you were in possession at the time it was lost ; XXXX ) you have the right of enforcement of the note ; XXXX ) you have to show that the obligor on the note is indemnified by you against and future claims ; XXXX ) the loss was not due to a transfer. 

PENFED CREDIT UNION is not applying the correct accounting entries under GAAP. PENFED CREDIT UNION is treating both account as a trade receivable through securitization as an off-balance sheet financing technique. Since PENFED CREDIT UNION has accepted both of the instrument that I have tendered, XXXX XXXX XXXX has a claim or processionary right in the instrument and its proceeds under XXXX of the UCC. Any defense and any claim in RE-COUPMENT under section XXXX of the UCC, which I shall exercise at my option, if PENFED CREDIT UNION does not credit my account. The 1099XXXX will identify who the principal is from, which capital and interest were taken, and who the recipient or who the payer of the funds are, and who is holding the account.

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