Man sues after creating his own credit card

WHEN Dmitry Argarkov was sent a letter offering him a credit card, he found the rates not to his liking.

But he did not 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.

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 three million rubles (about R890 000).

If Tinkoff tried to cancel the contract, it would have to pay him six million rubles.

Tinkoff apparently failed to read the amendments, signed the contract and sent Argarkov 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 the newspaper 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 tried to close the account because of overdue payments. It sued Argarkov 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 Argarkov’s favour. Tinkoff had signed the contract and was legally bound to it. Argarkov was only ordered to pay an outstanding balance of 19 000 rubles.

“They signed the documents without looking. They said what their borrowers usually say in court: ‘We have not read it,’ ” said Mikhalevich.

But now Argarkov has taken matters one step further. He is suing Tinkoff for 24 million rubles for not honouring the contract.

Tinkoff has launched its own legal action, accusing Argarkov of fraud. Oleg Tinkov, founder of the bank, tweeted: “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 @tcsbanktwitter.”

A court will review the case next month. — © The