[ 2013-08-11 ]

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.

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.

Source - The Telegraph

... go Back