Turning the tables: man sues credit card company for not reading fine print

Forum adverts like this one are shown to any user who is not logged in. Join us by filling out a tiny 3 field form and you will get your own, free, dakka user account which gives a good range of benefits to you:

No adverts like this in the forums anymore.
Times and dates in your local timezone.
Full tracking of what you have read so you can skip to your first unread post, easily see what has changed since you last logged in, and easily see what is new at a glance.
Email notifications for threads you want to watch closely.
Being a part of the oldest wargaming community on the net.

If you are already a member then feel free to login now.

**Ahtman**

Article

In 2008, Dmitry Agarkov received an unsolicited letter from Tinkoff Credit Systems (TCS) offering the 42-year-old Russian man a credit card with what he found to be unattractive rates.

While most people would have just thrown away the letter, Agarkov decided to do something different. He scanned the contract in the letter into his computer and altered it in his favor, including, for example, a 0% interest rate, no fees, and no credit limit. Moreover, every time the bank didn't stick to these rules, they'd be fined 3 million rubles — $91,000 — which of course would go to Agarkov. If they broke the contract, they'd have to pay Agarkov 6 million rubles ($182,000).

Agarkov's altered contract was, surprisingly, accepted and he received 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," Agarkov's lawyer Dmitry Mikhalevich told Kommersant this week.

Two years later TCS sought to close the account due to overdue payments, and at this point, things began to get difficult.

Russia Today reports that in 2012 TCS decided to sue Agarkov for 45,000 rubles ($1,363), an amount that featured fees and charges not included in the altered contract. This week a Russian judge decided that Agarkov was right — as the bank had signed the contract (apparently without looking at it), they were legally bound to it, and Agarkov was only asked to pay his outstanding balance of 19,000 rubles ($575).

TCS isn't out of trouble yet either. Agarkov has reportedly decided to sue the group for breaking the terms of the contract, allegedly for 24 million rubles ($727,000). The court will review his case in September, Russia Today reports.

In a counter move, RAPSI news agency reports that TCS is attempting to start a criminal case for fraud against Agarkov. TCS founder Oleg Tinkov took to Twitter to say that his lawyers think the 24 million rubles figure is a "pipe dream" and that Agarkov will get four years in prison for fraud. Agarkov's lawyer told TV Rain that these comments made his client fear for his safety.

If you don't read the fine print and get into financial trouble with a CC company it is as it should be, but apparently when they don't read the fine print it is fraud on your part!

**Jihadnik**

That guy should be the be the new president of Russia! Good for him! Although he ll probably lose...

**notprop**

I was expecting the counter move to read;

RAPSI news agency reports that TCS ahs appointed a hitman against Agarkov. TCS founder Oleg Tinkov took to Twitter to say that "this will teach jumped up peasant to mess with creditcard bosses". Valdimir Putin declared business as usual while bench-pressing a moose without a shirt on.

**KingCracker**

Lol that is hilarious. Makes me wonder if I could do something similar.

**Alfndrate**

That's awesome! Should have done that with my student loans!

**SilverMK2**

Unfortunately the big fish have a way of eating the little fish no matter how smart the little fish are, or how much in the right...

**Frazzled**

Wait this is Russia, won't they just send the mob after him?

**Orlanth**

Ahtman wrote:
Article

In 2008, Dmitry Agarkov received an unsolicited letter from Tinkoff Credit Systems (TCS) offering the 42-year-old Russian man a credit card with what he found to be unattractive rates.

While most people would have just thrown away the letter, Agarkov decided to do something different. He scanned the contract in the letter into his computer and altered it in his favor, including, for example, a 0% interest rate, no fees, and no credit limit. Moreover, every time the bank didn't stick to these rules, they'd be fined 3 million rubles — $91,000 — which of course would go to Agarkov. If they broke the contract, they'd have to pay Agarkov 6 million rubles ($182,000).

Agarkov's altered contract was, surprisingly, accepted and he received 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," Agarkov's lawyer Dmitry Mikhalevich told Kommersant this week.

Two years later TCS sought to close the account due to overdue payments, and at this point, things began to get difficult.

Russia Today reports that in 2012 TCS decided to sue Agarkov for 45,000 rubles ($1,363), an amount that featured fees and charges not included in the altered contract. This week a Russian judge decided that Agarkov was right — as the bank had signed the contract (apparently without looking at it), they were legally bound to it, and Agarkov was only asked to pay his outstanding balance of 19,000 rubles ($575).

TCS isn't out of trouble yet either. Agarkov has reportedly decided to sue the group for breaking the terms of the contract, allegedly for 24 million rubles ($727,000). The court will review his case in September, Russia Today reports.

In a counter move, RAPSI news agency reports that TCS is attempting to start a criminal case for fraud against Agarkov. TCS founder Oleg Tinkov took to Twitter to say that his lawyers think the 24 million rubles figure is a "pipe dream" and that Agarkov will get four years in prison for fraud. Agarkov's lawyer told TV Rain that these comments made his client fear for his safety.

If you don't read the fine print and get into financial trouble with a CC company it is as it should be, but apparently when they don't read the fine print it is fraud on your part!

He should have set the fine for a more realistic sum, similar to the levies a bank would themselves charge for non payment or failure to keep to agreed terms.

Due to the sums involved the bank may well win. Banks are regulated as to what they can offer as terms and what they can fine for defaulting, as the regulators take into account that a large number of account holders do not properly read the T&C. If Mr Agarkov is not following those guidelines it would be as fraudulent as if the bank did so. I don't know of any bank that would charge $91k for a bounced cheque or other failure to keep within the terms of the credit agrteement, and any attempt to levy such fees would be rightfully consider fraud even if they were snuck into the wording of the credit deal.

Nice story but I think Mr Agarkov got too greedy and will lose out in the end.