Dmitry Argarkov
Last updated
Last updated
Dmitry Argarkov, a Russian who was sent an unsolicited letter offering him a credit card, has turned the tables, however, and struck a blow for bank customers everywhere.[1]
Instead of simply ignoring the offer of credit, Mr Argarkov, 42, scanned the agreement into his computer, changed the terms of the contract and returned it to the lender, Tinkoff Credit Systems. According to the Russia Today news channel, his version of the agreement was rather more favourable than that he received from the bank. It had an unlimited line of credit, no fees and a 0 per cent interest rate.
He also added a provision stating that the customer “is not obliged to pay any fees and charges imposed by bank tariffs”, and an extra clause to the contract should the bank seek to break or change the agreement.
Crucially, when the document was returned to the Russian credit card provider, it failed to follow its own instructions and did not check the small print. Tinkoff Credit Systems sent him his credit card, which came with a credit limit large enough for Mr Argarkov to purchase a small island.[1]
"The conflict wasn't constructive, so we decided to end it like gentlemen, by withdrawing our mutual claims," the bank's president said in a statement published on the bank's website Wednesday.[2]
"In 2008 it was simply a joke...But the joke has gone too far," Agarkov said, Prime reported.
As part of their peace agreement, the bank issued a debit card especially for Agarkov that gives him up to 30 percent cash back on some purchases..
The 42-year old Voronezh resident told Slon.ru that he decided to modify his credit card application after noticing that the interest rate written in the fine print was a staggering 45 percent and not the 12.9 percent advertised in their booklet.
He spent half a year developing his new contract, which included a 0 percent interest rate, no commissions or fees and a compensation of 6 million rubles ($181,000) should the bank cancelthe agreement.
Agarkov even made a website under a domain name similar to that of the bank's to make the contract look as close as possible to the original.
The bank employees approved his contract without noticing the changes, and Agarkov used the credit card with the agreed-upon terms for two years.
In 2010, Tinkoff sued Agarkov for 45,000 rubles in fees and credit card debt. The court found Agarkov's contract modifications valid and only ordered him to pay the 19,000-ruble principle debt.
On Aug. 1, Agarkov responded with his own suit, claiming 24 million rubles as recompense for the bank violating his version of the contract.[2]
1. , by Rob Williams (Aug 9, 2013) Independent
2. , (Aug 15 2013) The Moscow Times