Dmitry Argarkov of Russia, received a credit card offer from Tinkoff Credit Systems. He didn’t like the terms spelled out in the contract, so he scanned it into his computer, altered the terms and sent it back. Like most people confronted with a lot of small print, the bank didn’t bother to read the contract and accepted it.
Mr 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 3m rubles (£58,716). If Tinkoff tried to cancel the contract, it would have to pay him 6m rubles.
When Argarkov went deep into debt and the bank tried to call in its usual fees, they ended up in court because Argarkov did not consider himself liable for fees not specified in the contract. And a judge agreed – “Arkarov is only liable for the outstanding balance ($578), not the banks fees ($1,369). They signed the documents without looking. They said what usually their borrowers say in court: ‘We have not read it’.”
Argarkov is now suing Tinkoff for 24m rubles for not honouring the contract.
Did David finally get the better of Goliath?
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