Man who created own credit card sues bank for not sticking to terms

[Serpo]

Man who created own credit card sues bank for not sticking to terms When Dmitry Argarkov was sent a letter offering him a credit card, he found the rates not to his liking. http://i.telegraph.co.uk/multimedia/archive/02639/credit_2639122b.jpg Dmitry Argarkov's version of the contract contained a 0pc interest rate, no fees and no credit limit Photo: Alamy








http://i.telegraph.co.uk/multimedia/archive/01951/Andy-Trotman_60_1951925j.jpg (http://www.telegraph.co.uk/journalists/andrew-trotman/)
By Andrew Trotman (http://www.telegraph.co.uk/journalists/andrew-trotman/)

4:41PM BST 08 Aug 2013





But he didn't throw the contract away or shred it. Instead, the 42-year-old from Voronezh, Russia, scanned it into his computer, altered the terms and sent it back to Tinkoff Credit Systems.

Mr Argarkov's version of the contract contained a 0pc interest rate, no fees and no credit limit. Every time the bank failed to comply with the rules, he would fine them 3m rubles (£58,716). If Tinkoff tried to cancel the contract, it would have to pay him 6m rubles.

Tinkoff apparently failed to read the amendments, signed the contract and sent Mr Argakov a credit card.

"The Bank confirmed its agreement to the client's terms and sent him a credit card and a copy of the approved application form," his lawyer Dmitry Mikhalevich told Kommersant. "The opened credit line was unlimited. He could afford to buy an island somewhere in Malaysia, and the bank would have to pay for it by law."

However, Tinkoff attempted to close the account due to overdue payments. It sued Mr Argakov for 45,000 rubles for fees and charges that were not in his altered version of the contract.



Earlier this week a Russian judge ruled in Mr Argakov's favour. Tinkoff had signed the contract and was legally bound to it. Mr Argakov was only ordered to pay an outstanding balance of 19,000 rubles (£371).
"They signed the documents without looking. They said what usually their borrowers say in court: 'We have not read it',” said Mr Mikhalevich.
But now Mr Argakov has taken matters one step further. He is suing Tinkoff for 24m rubles for not honouring the contract and breaking the agreement.
Tinkoff has launched its own legal action, accusing Mr Argakov of fraud.
Oleg Tinkov, founder of the bank, tweeted: "Our lawyers think he is going to get not 24m, but really 4 years in prison for fraud. Now it's a matter of principle for @tcsbanktwitter."
The court will review Mr Argakov's case next month.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/10231556/Man-who-created-own-credit-card-sues-bank-for-not-sticking-to-terms.html

[Grand Master Melon]

Genius!

I've never done that for a credit card but I have altered contracts for things like liability waivers.

[Serpo]

Worth thinking about..........apply for heaps and the one that dosnt read it ..............

[Silver Rocket Bitches!]

I took a contractual law class and it was said that any changes made to the original contract must be initialed by both parties in order to be valid. I don't know how it works over there in Russia.

[horseshoe3]

My wife's uncle did this to an employment contract. For severence pay, he crossed out 2 weeks and wrote in 1 year. They signed it without reading and had to pay him a year after firing him.

[horseshoe3]

I took a contractual law class and it was said that any changes made to the original contract must be initialed by both parties in order to be valid. I don't know how it works over there in Russia.

In every contract I've dealt with, this was practiced. It brings up the question - what constitutes the "original" contract. I would think anything that exists before the signatures are affixed is original whether it is typed or handwritten.

[Ponce]

To me a "original" contract is only an offer and not the rule.........if you don't like the offer you can then fix it where both parties are happy about it.......speicially when THEY iniciated the offer. If the bank didn't read the counter offer is then their foult.

V

[Son-of-Liberty]

I took a contractual law class and it was said that any changes made to the original contract must be initialed by both parties in order to be valid. I don't know how it works over there in Russia.

If neither party has signed before the changes are made I don't see why initials are necessary. A good idea maybe to avoid confusion but like ponce said before signatures have been added it is really just an offer at that point.

[Horn]

I don't know how it works over there in Russia.

Seems legal enough if within the contract it states the terms to complete it, ie: no initials, just a reply. Or if the original had a clause for changing it.

One things for certain if he ends up winning, everyone in Russia will be charged another point of interest to cover the costs.

[Spectrism]

I took a contractual law class and it was said that any changes made to the original contract must be initialed by both parties in order to be valid. I don't know how it works over there in Russia.


There weren't changes to the contract. He sent them a new offer... refusing the first. His contract made the terms in his favor and now it was up to the bank to read the terms rather than expect everyone else would accept their terms. He only committed fraud if he violated a copyright or pretended to be the bank. Since he was the counterparty, he could NOT pretend to be the bank. The document became a new contract.

I did this once with a waiver of liability that a government agency wanted me to sign in case they injured my daughter. No way was I going to allow them to skate even if they were negligent. So, instead of asking permission to change the agreement, I did it myself and signed the "waiver" which clearly stated that any injuries or damages COULD be held against them.
They never bothered to read it, and I never needed to enforce it.

[gunDriller]

i think the guy's pretty damn smart.

[Ponce]

Sneaky but smart......... like when I rented an apartment, the landlord asked me if I had any pets and I said NO, he then gave me a contract to fill...in it I said yes that I had a cat and gave it back to him......he signed it and gave me a copy....after I moved in he told me "Hey Ponce, this is the first time that someone pulled a fast one on me" hahahahahah

V

[Serpo]

Its usually the other way round ,the banks pulling fast ones over everyone with their small print ect