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Man creates own credit card, then sues bank for not sticking to the agreement

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:D:D:D

from http://www.telegraph.co.uk/

Quote


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 0% 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.



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Read this elsewhere today (possibly FB or Flipboard). My first reaction was, "Man, that sounds awesome." Then, after thinking about it for a minute, "I wonder if it's actually true?"

Sure does sound awesome in a "stick it to the man" kind of way, but also sounds WAY too good to be true and especially when you look at where this supposedly happened.

The media in general has been so punked lately I tend to question almost everything like this.
quade -
The World's Most Boring Skydiver

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ryoder

Well, googling is turning up this story on many different news agencies including Russian sources.



Hi R

On your google journey if you run across any info on the seniors in the later stages of life having issues repaying their CC debt. I'd appreciate any stats you stumble across.

I'm still trying to figure a sound retirement plan. :ph34r:

I've known my mother in law for 40yrs.:)
She recently passed away with zero CC debt.:)

But from a strictly business point of view I'm not sure if thats making efficient use of their financial opportunities. :ph34r:
One Jump Wonder

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ryoder

Well, googling is turning up this story on many different news agencies including Russian sources.



Yeah, but again, it's not like the entire world wide media hasn't been punked recently.

I wish there was some internet metadata associated with stories so you could track them back to their original source. Of course, that would also have horrible privacy implications for individuals, but at least we'd know where the news was coming from.
quade -
The World's Most Boring Skydiver

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quade

***Well, googling is turning up this story on many different news agencies including Russian sources.



Yeah, but again, it's not like the entire world wide media hasn't been punked recently.

I wish there was some internet metadata associated with stories so you could track them back to their original source. Of course, that would also have horrible privacy implications for individuals, but at least we'd know where the news was coming from.

If only there was some electronic system which scooped up all internet traffic to look at patterns and analyze them for source and interrelation data :ph34r:[:/]
γνῶθι σεαυτόν

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If only there was some electronic system which scooped up all internet traffic to look at patterns and analyze them for source and interrelation data



Ah-ha! Now we finally know why the NSA is spying on the Internet with their PRISM program. You know, if we could all use it to track the source of news stories, it might actually be worth the billions of dollars that we paid for it. Just sayin'.
Trapped on the surface of a sphere. XKCD

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Krip


She recently passed away with zero CC debt.:)

But from a strictly business point of view I'm not sure if thats making efficient use of their financial opportunities. :ph34r:

3 ways to live:

-Below your means
-At your means
-Beyond your means

Any but the first two will lead to stress, regrets and collection agencies. [:/]

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He did not really create his own credit card... he just amended the contract and sent it back to the bank for their approval. Pretty standard when it comes to negotiating contracts, really. Bank's fault through and through. Bet you that happens only once...
Why drive myself crazy trying to be normal, when I am already at crazy?

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