Consumer complaint received 2024-02-24 00:00:00
Product: Debt collection — Other debt
Issue: Electronic communications — Used obscene, profane, or other abusive language
Company: FREEDOM FINANCIAL NETWORK
State: CA

Complaint narrative:
Achieve Personal Loans sent me threatening messages stating they charged my account off and sold this information to XXXX, XXXX, and XXXX to damage my consumer report. The contract is the security being used as collateral. The contract itself has been sold for profit for XXXX XXXX XXXX parent company Freedom Financial Network. XXXX XXXX XXXX  is the bank that does the securitization for Achieve Personal Loan. Achieve did not disclose any of this information to me when they issued this contract, they led me to believe that XXXX XXXXXXXX XXXX  loaned me something of substance but they did not. The Federal Reserve Act Section 16 sub section 2 states The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under section 10A, 10B, 13, or 13A of this Act, or bills of exchange endorsed by a member bank of any Federal Reserve district and purchased under the provisions of section 14 of this Act, or bankers ' acceptances purchased under the provisions of said section 14, or gold certificates, or Special Drawing Right certificates, or any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency thereof, or assets that Federal Reserve banks may purchase or hold under section 14 of this Act or any other asset of a Federal reserve bank. In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. 

This entire contract from the time of issuance has been under deceptive pretenses and Achieve Personal Loan and XXXX XXXXXXXX XXXX  knew fully well they were the only ones that would gain from this contract. This has caused me damages and pain and suffering by taking my compensation for a debt they knew I did not owe and that the interest that the security gains each month should have been applied to the balance thereof until the security fully matures and pays out then the balance should be returned to me. 


Whoever knowingly executes, or attempts to execute, a scheme or artifice ( 1 ) to defraud any person in connection with any commodity for future delivery, or any option on a commodity for future delivery, or any security of an issuer with a class of securities registered under section 12 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l ) or that is required to file reports under section 15 ( d ) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o ( d ) ) ; or ( 2 ) to obtain, by means of false or fraudulent pretenses, representations, or promises, any money or property in connection with the purchase or sale of any commodity for future delivery, or any option on a commodity for future delivery, or any security of an issuer with a class of securities registered under section 12 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l ) or that is required to file reports under section 15 ( d ) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o ( d ) ) ; shall be fined under this title, or imprisoned not more than 25 years, or both.

Company response to consumer: Closed with explanation