Here is a once in lifetime story you can read. Dmitry Agarkov, 42-year old Voronezh resident sued Tinkoff Credit Systems recently with a massive $700K Lawsuit. Two month back the bank sent him a credit card offer to his email.
He download the credit card offer and read it carefully word by word. He realised that the interest was 45 percent in the document and not 12.9 percent as advertised by the bank. He was outraged. He download the whole credit card aggremment and started adding his own terms.
He added 0 percent interest rate for lifetime, no commissions or fees for an purchase online or offline, unlimited credit limit and a compensation of 6 million rubles ($181,000) if the bank cancel the credit card. He then sent the revised credit card agreement back to the bank.
Bank officials of Tinkoff Credit System did not notice any changes all. For them it was the standard template of credit card aggreement and they approved it and issued a credit card to Dmitry. He used it for 2 years without anyone noticing it. Later when an audit cam in th ebank, the noticed it and Tinkoff sued Agarkov for 45,000 rubles in fees and credit card debt.
The case went to the court and found that the contract made by Dmitry was valid. However court ordered him pay 19,000-ruble principle debt. He filed a massive $700K Lawsuit against Bank for cancelling his made up contract. Finally both parties compromised outside court.
“The conflict wasn’t constructive, so we decided to end it like gentlemen, by withdrawing our mutual claims,” the bank’s president. As a way of thanks the bank gave a debit card with 30 percent cash back on some purchases.
The system is so one sided as if the bank was filing law suit, he would have to pay fine and been in jail by now. How many people would have been suffered and still suffering from high interest rates, mortgages and credit card debt.