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ECS bounced, what are the implications of the same ?
08-Nov-2023 (In Banking / Finance Law)
Sir, I had taken a two wheeler loan before 2yrs from capitalfirst, Ecs debited regularly every month of 5th. Nov 5th 2017 is my last due, i have maintain sufficient balance in my account 3rd nov onwards, they debited the fund in my account, but same day eveng i got the msg, your ecs got bounced. I write the mail to capital first. In this case its impact my whole track..? And its impact my cibil score..? Kindly advice me.
Check your account to ensure that the loan instalment was debited from your account on that day. Check if there was any subsequent entry reversing the previous debit entry. After verification, request for a certificate from your bank to the effect that the ECS amount was debited to your account on that day. Submit the bank certificate to your lender. Do not bother about your CIBIL status now. Without proper verification, your lender cannot impact your CIBIL status.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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