Forty-two year old Dmitry Argakov was issued a new credit card earlier this year by Tinkoff Credit Systems in Russia. However he didn’t find the contract to his liking. He took matters into his own hands and changed the contract so it suited him better. Tinkoff failed to read the amendments that were sent back by Mr Argakov and signed off on the changes and sent him a new credit card to their dismay. Mr Argakov had changed the interest rate to zero, slashed all fees and introduced a no credit limit to his newly opened account. If the bank did not comply, he could fine them 3 million Rubles or $97381.94 AUD. If they cancelled the contract they would have to pay him double.
His lawyer Dmitry Mikhalevich stated “The Bank confirmed its agreement to the client’s terms and sent him a credit card and a copy of the approved application form. 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.”
After actively using his card for two years, the bank decided to terminate Agarkov’s credit card because of overdue payments. Tinkoff tried to sue Mr Argakov after having 45000 Rubles in overdue payments however a judge ruled in favour of Argakov who only had to pay the outstanding balance of 19000 Rubles or $641AUD. “They signed the documents without looking. They said what usually their borrowers say in court: ‘We have not read it’,” said Mr Mikhalevich. However he is taking one step further and suing them for 24M Rubles for not honouring and breaking the contract.
Tinkoff has launched its own legal proceedings by accusing Dmitry of fraud. Tinkoff’s founder Oleg Tinkov also tweeted the following: “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.”