The lender, Bank or credit card Company offers you money by way of a loan or credit card account. You are invited to sign into their system and thereafter are known as your name in capital letters on a loan agreement or credit card, which is signed by you in order to validate it. IE signed by an individual. The lender is a fiction whereas you are a person. Once you sign your name on the card you also become a fiction, which cannot be. A person cannot sign as a fiction. Money as far as the lenders are concerned, can be anything, which can be sold for cash or accepted as money. The lenders accept your credit card application/loan application and establish a 'limit' and use your signature on the application form as 'money' or promissory note. This is treated as your asset based on your future labour.
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This application/promissory note/your asset is used to fund your new account. Therefore it is in essence; it is your money that has been created by your signature and future labour that is used to fund the account, not the banks money or the existing savings of others. The banks lend you your own money and charge you interest on your own money. How can I be charged interest on my own asset, my own money? The key question is, whose asset was used to fund the loan or line of credit in the first place? The lender fails to loan any of their own money.
If a customer makes a deposit of say £10 in to an account in their name, this becomes the customer's asset and the banks liability. The Bank accepts the £10 deposit and creates an account with a credit balance of £10 for the benefit of the customer and shows a liability on the banks accounting record of £10. The bank MUST pay this deposit of £10 back to the customer if requested by the customer to do so. The depositor's asset. The bank is legally required to return this deposit.
The signed application is converted into a CASH ASSET by the bank a promissory note. The bank stamps the back of the application as it would any other deposit and deposits it into a transaction account in the applicants name without their knowledge or consent. The bank converts the asset into money and wants you to pay interest on your own money, as if the bank had loaned you their own money. Thus nullifying the original contract as the bank fails to fulfil their own obligations.
The bank hopes you do not ask for the return of the original deposit, i.e. the signed promise to pay/application your asset, their liability. Therefore modern lenders accept your signed promise to pay (the application form) as CASH and deposit your signed application / promise to pay in an account in your name without your knowledge, and use your deposit as the source of all the money you receive as the so called loan. They never tell you about it and never return your original deposit. Therefore, there is no validation of the debt because they never sustained any loss.
There is no verification of their claim against you because you are an individual not a name on a card. No legally binding contract binding both parties because: No full disclosure - i.e. you were not told that your application was to be converted in to your own asset and deposited in to a transaction account in your name without your knowledge or consent.
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