Man who rewrote credit card terms sues bank for breaching contract

Man who rewrote credit card terms sues bank for breaching contract

Always read the small print. A Russian man who managed to rewrite the terms of his credit card agreement, without the provider noticing, is now suing for hundreds of thousands of dollars for breach of contract.

When Dmitry Agarkov received an unsolicited letter from Tinkoff Credit Systems in 2008 offering him a credit card, he didn't fancy the terms.

So the 42 year old from Voronezh took to his computer and rewrote the small print with more favourable details, including an unlimited line of credit, zero per cent interest rate and no fees.

He also added a clause awarding him three million rubles ($90,000) each time the bank tried to unilaterally change the terms of the agreement and six million rubles ($180,000) if it cancelled the deal.

When the amended contract made its way to Tinkoff Credit Systems the firm, like so many of its customers, failed to check the details, signed off on the agreement and sent Agarkov his card.

According to local press reports, Agarkov used the card for two years before the bank decided to terminate it because he was late making his minimum payments. Then, last year Tinkoff sued Agarkov for 45,000 rubles for the remaining balance, fees, and late payment charges.

However, the court ruled that Agarkov's revised contract was valid and made him pay the balance he owed - 19,000 rubles - but not the extra charges.

Not content, he is now suing the bank for 24 million rubles ($727,000) for not honouring eight clauses in the contract he created. A hearing is scheduled for next month.

Comments: (2)

A Finextra member
A Finextra member 09 August, 2013, 11:30Be the first to give this comment the thumbs up 0 likes

I work for a bank and I can't help but cheer this guy on.

A Finextra member
A Finextra member 20 August, 2013, 09:36Be the first to give this comment the thumbs up 0 likes

Usually the small print is used against the customers and in this case, the reverse has happened.  But for the negative use, we should hail the 'power to the customer'.

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