webeagle12 Posted August 8, 2013 Share Posted August 8, 2013 A Russian man who decided to write his own small print in a credit card contract has had his changes upheld in court. He's now suing the country's leading online bank for more than 24 million rubles ($727,000) in compensation. Disappointed by the terms of the unsolicited offer for a credit card from Tinkoff Credit Systems in 2008, a 42-year-old Dmitry Agarkov from the city of Voronezh decided to hand write his own credits terms. The trick was that Agarkov simply scanned the bank?s document and ?amended? the small print with his own terms. He opted for a 0 percent interest rate and no fees, adding that the customer "is not obliged to pay any fees and charges imposed by bank tariffs." The bank, however, didn?t read ?the amendments?, as it signed and certified the document, as well as sent the man a credit card. Under the agreement, the bank OK'd to provide unlimited credit, according to Agarkov?s lawyer Dmitry Mikhalevich talking to Kommersant daily. "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," Mikhalevich added. Agarkov also changed the URL of the site where the terms and conditions were published and hedged against the bank?s breaking of the agreement. For each unilateral change in the terms provided in the agreement, the bank would be asked to pay the customer (Agarkov) 3 million rubles ($91,000), or a cancelation fee of 6 million rubles ($182,000). However, after two years of active use, the bank decided to terminate Agarkov's credit card because of overdue payments. In 2012, the bank sued Agarkov for 45,000 rubles ($1,363) - an amount that included the remaining balance, fees, and late payment charges, which violated the actual agreement. The court decided that the agreement Agarkov crafted was valid, and required him to settle only his balance of 19,000 rubles ($575). The bankers had to admit the mistake, says Agarkov?s representative Dmitry Mikhalevich. "They signed the documents without looking. They said what usually their borrowers say in court: 'We have not read it,'? says Mikhalevich. Despite the victory, Agarkov decided to sue Tinkoff Credit Systems for fines of 24 million rubles ($727,000) for not honoring the terms of the agreement, and the decision to terminate the contract without paying 6 million rubles ($182,000) fee. "Our lawyers think, he is going to get not 24 million, but really four years in prison for fraud. Now it's a matter of principle for @ tcsbank,? founder of the bank Oleg Tinkov tweeted. ?We don?t have small print, everything is clear and transparent. Try to open a card - then we'll talk. Stealing is a sin - in my opinion, of course. Not all in Russia think so,? Tinkov tweeted. The next hearing will be held in September. http://rt.com/business/man-outsmarts-banks-wins-court-221/ Link to comment Share on other sites More sharing options...
Brian M. Veteran Posted August 8, 2013 Veteran Share Posted August 8, 2013 They signed an agreement - that's not fraud? Just because it wasn't *their* agreement they signed, doesn't not make it a valid and lawful contract. Link to comment Share on other sites More sharing options...
WinMunkee Posted August 8, 2013 Share Posted August 8, 2013 It's an agreement, since they excepted it, they were negligent. Link to comment Share on other sites More sharing options...
neufuse Veteran Posted August 8, 2013 Veteran Share Posted August 8, 2013 how's it fraud? he wrote his own contract and they agreed to it... sure it was deceptive, but they still agreed to it technically psmoked 1 Share Link to comment Share on other sites More sharing options...
Xerino Posted August 8, 2013 Share Posted August 8, 2013 Hey, whether they read it or not, they signed a legal document, it is a binding contract, and must oblige by it, or pay the penalty, simple as that, there was no attempt to defraud the bank, Dmitri just used their own tricks against them. On a side note, whos bright idea was it to name their credit union "Tinkoff" it sounds like a freaky sex act... psmoked and astropheed 2 Share Link to comment Share on other sites More sharing options...
Kalint Posted August 8, 2013 Share Posted August 8, 2013 I wish I thought of that when signing with Chase. webeagle12 1 Share Link to comment Share on other sites More sharing options...
Karl L. Posted August 8, 2013 Share Posted August 8, 2013 I don't know how contract law works in Russia, but the modified agreement would certainly hold in court in the US. I have modified "standard" contracts before which I have never had trouble getting signed by the other party. I have not modified a credit card contract, but I did modify my renter's agreement to reduce personal liability. Don't make the new arrangement unreasonable to either party, and it will probably go uncontested. This is why you should always read the entire contract. Never make assumptions. Link to comment Share on other sites More sharing options...
Mystic Mungis Posted August 8, 2013 Share Posted August 8, 2013 Troll of the year 2013... well 2008. Seriously though it's amazing when big companies get a taste of their own medicine! Link to comment Share on other sites More sharing options...
Growled Member Posted August 8, 2013 Member Share Posted August 8, 2013 Now they know how we feel. astropheed 1 Share Link to comment Share on other sites More sharing options...
ramesees Posted August 8, 2013 Share Posted August 8, 2013 "Our lawyers think, he is going to get not 24 million, but really four years in prison for fraud. Now it's a matter of principle for @ tcsbank,? founder of the bank Oleg Tinkov tweeted. ?We don?t have small print, everything is clear and transparent. Try to open a card - then we'll talk. Stealing is a sin - in my opinion, of course. Not all in Russia think so,? Tinkov tweeted. Says a banker - the irony is overwhelming. Tigurinn, astropheed and psmoked 3 Share Link to comment Share on other sites More sharing options...
tiagosilva29 Posted August 8, 2013 Share Posted August 8, 2013 Well, I need a 4 x 10^4 EUR loan, so this makes me wonder... Link to comment Share on other sites More sharing options...
astropheed Veteran Posted August 8, 2013 Veteran Share Posted August 8, 2013 If he doesn't win the case then it should set precedence that banks can't use their contracts against their customers. Fair is fair. This guy is my hero of the month, if I knew him I'd buy him a beer. psmoked 1 Share Link to comment Share on other sites More sharing options...
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