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tare   06 April 2018

Ecs Mandate dishonoured inspite of required balance existing

Respected lawyers kindly help me out.i had taken a four wheeler loan in one renowned finance company and the mandate date is 3rd of every month and the amount is 7100.This month on second i had only 1569 and by 11:50 am i had transferred 7000 to my account through imps and it was immediately credited to my account.on third my salary was also credited.The amount of 7400 dint go through ecs and on fourth i recieved a message from the finance company that my mandate had been dishonoured.i checked with my bank they said everything was ok on that day and there was no hold on my account.when i enquired the finance company they say once after they recieve the reason from the clearing house they can tell anything but now the amount that i need to pay stands at 7677.kindly tell me as to what i should do.Thanks in advance


 2 Replies

P.THANGAVEL (ADVOCATE & LEGAL CONSULTANT)     07 April 2018

Try to find out the reason for cancellation of ECS mandate when the Account was having sufficent balance.If the reason stated is Insufficiebnt balance, then ascetain the reason from the bank concerned for such dishonour. If it is any technical one , obtain a letter to this effect and forward to your Finance Company to establish that you were not at fault and request them to accept your stand and proceed with furtherin the matter.

1 Like

tare   08 April 2018

Thank you very much for the reply.i went and enquired in person but the reply they gave me was confusing.it seems till 11:50 on second april my balance was 1168 and since it was a bank holiday the finance person is saying that though i increased my account balance by transferring 7000 the same would not be available to the finance people to take through ecs and it might have been possible to them only on third of april though my balance got increased immediately after the imps transfer.are they right sir.please let me know

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