Consumer complaint received 2024-02-15 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Problem with cash advance — 
Company: NAVY FEDERAL CREDIT UNION
State: SC

Complaint narrative:
I am the agent/authorized representative on behalf of the principal XXXX XXXX XXXX the applicant and alleged borrower. I hereby revoke any prior power of attorney granted by the principal to Navy Federal hereinafter the bank. It is within this spirit of fairness and integrity that we bring attention to the unconscionable and unjust contract between the bank and the principal, dated XX/XX/2021. 

It has come to my attention in the attached contract that full disclosure was not given in the consumer credit transaction initiated by the principal violating the Truth In Lending Act. In accordance to the Principle of Utmost Good Faith : All involved parties are assumed to have acted honestly. It is a fact, the loan was originated and funded by the principal in accordance to the matching principle of Generally Accepted Accounting Principle that the bank must adhere too. The bank violated several Federal Laws under Title 12 of the United States Code and SEC rules regulation for loaning its own capital and/or credit. The signature of the principal on the ePromissory Note, Security Agreement, and Disclosure created the value for the credit given. Navy Federal has no evidence that the Bank was put at risk by extending the alleged loan of credit to the principal. Therefore, the Bank has not put forth any consideration in the executed contract which violates section 3-303 of the UCC. Without value or consideration and breach of contract by fraud in the inducement and in the factum, the contract is null and void.

The bank has also violated several FDCPA and FCRA laws by willingly and knowingly furnishing without consent to the consumer reporting agency a false and inaccurate reporting ; causing mental anguish and defamation of character. Proverbs 11:1, " A false balance is an abomination to the Lord, but a just weight is His delight. '' There is no express agreement or authorization granted by the principal to Navy Federal to furnish any private, identifiable information and transaction to the consumer reporting agency.

In the capacity of agent to the principal, I am duty-bound to ensure that any contractual agreements entered into reflect the highest standards of fairness, honesty, and righteousness. There is no evidence that the principal has any outstanding liabilities or obligations with the bank under the doctrine of ultra vires. By doctrine of ultra vires, a contract made by a corporation beyond the scope of its corporate powers is unlawful. 

Furthermore, as the implied surety, we are reminded of the words of Ecclesiastes 5:5, " It is better that you should not vow than that you should vow and not pay. '' We recognize the solemn responsibility to ensure the fulfillment of obligations outlined in the contract, even as we seek to rectify its unjust provisions. Equity imputes an intent to fulfill an obligation.

Drawing upon the maxims of equity, we assert the following principles to guide our pursuit of remedies for the unconscionable contract : 1. " Equity delights in equality. '' We advocate for a balance distribution of rights, obligations, performance and benefits for both parties involved.

2. " Equity abhors a forfeiture. '' We propose engaging in mediation or arbitration proceedings to facilitate a fair and just resolution to the contractual dispute, thereby preserving the integrity of our respective roles as agent and implied surety with the rights to subrogate.

3. " Equity looks on that as done which ought to be done. '' Should attempts at negotiation or alternative dispute resolution prove unsuccessful, we reserve the right to pursue legal action to protect the equitable interests of the principal and ensure just outcomes under applicable laws. 

In conclusion, we trust in the guidance of Proverbs 3:5-6, " Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge Him, and He will make straight your paths. '' We remain steadfast in our commitment to upholding the principles of equity and righteousness as we seek to address the injustices perpetrated by the unconscionable contract. 

Please consider this notice as a testament to our unwavering dedication to justice and fairness. We welcome further dialogue and collaboration in finding a resolution that honors God and promotes righteousness in all our dealings. Attach are relevant documents concerning this issue.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation