Russian man beats bank at their own game

[btimbit]

http://money.msn.com/now/post--man-beats-bank-at-its-own-game


Dmitry Agarkov didn't like the terms initially sent to him from Tinkoff Credit Systems in 2008, Russia Today reports. So he wrote in a few changes -- zero interest, zero fees and unlimited credit, mainly.

He then took it a step further. On the contract, he changed the URL of the website showing the bank's terms and conditions. He also stipulated that the bank pay him $91,000 for each change in the contract and $182,000 to cancel the deal altogether.

The bank approved the document without looking at the changes and sent Agarkov a credit card. Perhaps most amazing is that Agarkov then proceeded to use the card for two years before the bank caught on. Last year, the bank sued him...

Hilarious, you'd probably get dragged to prison for Fraud if you tried that here or the US

[RickDaTuner]

In mudder russia, contract writes you.

[theken]

don't see how thats fraud, he changed a contract they agreed to it, their fault, good for him

[VWEvo]

I'm not a lawyer, but I believe when there are changes to a contract, both parties are required to initial the changes

[Jeeper1986]

Originally posted by VWEvo
I'm not a lawyer, but I believe when there are changes to a contract, both parties are required to initial the changes

when he wrote it and signed the contract on his side he agreed and when the back sent him a card they also agreed lol

[Type_S1]

Originally posted by VWEvo
I'm not a lawyer, but I believe when there are changes to a contract, both parties are required to initial the changes

Amendments must be initialed but I don't believe this was an agreement executed while both parties present. Bank will argue they were not informed of any changes and the contract will be void. Highly unlikely the bank can legitimately sue him for anything as it is not illegal to change a document and send it back.

[Zhariak]

Are there any beyond lawyers on here?

As far as I know, modifications weren't done after the app/contract was signed, on top of that too, the bank accepted the contract that he filled out and sent in.

As long as both parties have both agreed/signed, and both parties copies of the app/contract contain the same thing, technically this is a valid agreement.

I don't know how the owner of the bank says this is fraud, the dude didn't break in to their records room and modify their copy of the contract...

[CanmoreOrLess]

Ripping off a Russian bank in a public forum and being rewarded? I guess someone is in no need of his legs. Legit Russian businesses without malicious intent get shut down and the owner is then lucky to be sent to prison. Also, any changes to a document need to be known and initialed by all parties, intent is important in law and legal documents in general.

How many banks do you know of that lose when the lawyers are involved? Add powerful Russians to the mix, well this guy is going to get his ass worked over Putin-style.

[ZenOps]

Would never happen here, the banks here never accept non-standard forms (it would be like someone making up their own tax form and sending it in)

All credit card contracts here are signed one way, usually with the stipulation "subject to change" and "subject to interpretation" along with "revokeable at any time for any reason". So even if it was double signed, the clauses make it impossible for the borrower to win anything.

Which means they can change the rules at any time, charge you more each year as a maintenance fee, negative option billing, etc.