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In this video I review “Big Debt Crises” by Ray Dalio. Ray is a legendary investor and former Chief Investment Officer at Bridgewater and Associates (the largest hedge fund in the United States). With years of investment experience and expertise, Ray has recently embarked on the “3rd stage of his life” in which he hopes to teach others what it is he has learned over the course of his life and career.
The book, “big Debt Crises” offers us an archetype and framework for thinking about debt crises, in particular, inflationary and deflationary debt crises.
I discuss in this video my major take aways from the book.
A one minute video through which debt (loan) consolidation, refinancing and restructuring are defined, explained and compared.
A lot of people think debt consolidation is the same thing as debt refinancing. Or that debt restructuring and debt refinancing are synonyms.
That’s definitely not the case.
Loan consolidation, refinancing and restructuring sometimes have things in common but make no mistake, we’re talking about completely different terms.
Today, I did my best to put debt consolidation, debt refinancing as well as debt restructuring under the microscope.
Please like, comment and subscribe if you’ve enjoyed this video.
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Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we’re talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon – https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK
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My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon – https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS
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Explanation for Gr. 12 students in Ontario about how to read and understand their CCS.
Claudia Olivier speaks about the debt counselling process in South Africa. In the current economic environment, many South African find themselves not being able to make their monthly debt payments. Claudia Olivier explains how this can be overcome by making use of the National Credit Regulator’s (NCR’s) debt review programme.
If you’re stuck in payday loan debt, payday loan consolidation can help you escape the debt trap. By combining your multiple monthly payments into one, easy-to-pay monthly payment, you’re able to get out of debt without breaking the bank.
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If you’re looking for payday loan help, we’re your team. We specialize in payday loan consolidation for any budget and have helped hundreds get out of debt. Our one-payment programs are customized to fit your payday loan help needs.
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Credit Salvage Credit Clearance and Debt counselling Services. Contact us today if you need assistance with bad debt, credit clearance, ITC Clearance and debt counselling.
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In Australia, turning to credit has become a serious problem with this country now recording one of the worst levels of household debt in the world.
The Salvation Army reports that out-of-control credit card debt is the number one reason people show up asking for help.
Julia Holman reports that growing numbers of older Australians are affected and takes a closer look at the human cost.
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http://www.nomoredebts.org/1-considering-bankruptcy.html
What you should consider before filing for bankruptcy. It is expensive, you may not qualify and there are other options. Call us today. 1-888-527-8999 | More info: http://www.nomoredebts.org/blog/bankruptcy/how-to-decide-if-bankruptcy-is-your-best-option-to-debt-problems.html
Visit the Dave Ramsey store today for resources to help you take control of your money! https://goo.gl/gEv6Tj
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Welcome to The Dave Ramsey Show like you’ve never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave’s producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you’ll see exclusive content from people like Rachel Cruze, Chris Hogan, and Christy Wright —as well as all kinds of other video pieces that we’ll unveil every day.
The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
Farm Debt Mediation in NSW — A few problems
by ALEX ELLIOTT on 05/05/2012 · LEAVE A COMMENT · in MEDIATION
The object of the NSW Farm Debt Mediation Act 1994 is to provide for the efficient and equitable resolution of farm debt disputes. Mediation is required before a bank or financial institution can take possession of the farm or other farm property.
Section 10 of the Act provides that once a farmer gives notification that mediation is required, the bank or financial institution cannot take any enforcement action unless a certificate is in force under section 11.
Section 11 of the Act stipulates that a certificate will be issued by the Authority (NSW Rural Assistance Authority), if the Authority is satisfied that a satisfactory mediation has taken place in respect of the farm debt involved.
Mediation is a structured process in which the mediator, who must be a neutral and independent person, assists the farmer and the bank or financial institution to reach an agreement. That agreement may mean the capitalisation of interest, the extension of repayments, additional advances or increasing an overdraft limit. It may also mean the sale of certain assets over time. There are many possible settlement outcomes available to the parties.
The High Court of Australia in its decision in Waller v Hargraves Secured Investments Limited [2012] HCA 4 has added a substantial complication to the mediation process and any possible settlement.
In August 2003, Hargraves Secured Investment Limited advanced $450,000 to Ms Waller under a loan agreement. The advance was secured by a mortgage over Ms Waller’s farm. She defaulted on the loan.
Mediation was held under the provisions of the Farm Debt Mediation Act 1994. The parties entered into terms of settlement under which there was a second loan agreement for $640,000. This enabled the first loan to be paid out, along with past and future interest.
Ms Waller defaulted on the second loan.
Hargraves Secured Investment Limited commenced action in court for possession of the farm and judgment against Ms Waller.
Ms Waller appealed to the High Court from a decision of the NSW Court Appeal. The argument which was accepted by the High Court was that the enforcement proceedings were not in relation to the farm debt the subject of the mediation. There was now a new and different debt, which was distinct from the first loan. Hargraves Secured Investment Limited had not complied with the Act because the mediation only dealt with the first loan, not the new one.
So it seems that even if a section 11 certificate has been obtained in respect of a farm mortgage, a bank or financial institution must be careful that the farm debt it relates to is the same and has not been discharged in anyway prior to enforcement action. If in doubt it seems that a new notice to the farmer may have to be given.
The High Court’s decision may discourage future lending to farmers because of the uncertainty surrounding this decision. The bank or financial institution may play it safe and only offer in mediation the option of refinancing with another institution, selling the asset or agreeing to surrender the asset to the bank or financial institution. Anything else may complicate future enforcement proceedings.
This is clearly not in the interests of the rural community and the Act needs to be amended as a matter of urgency. A full range of options should be available to comply with the spirit of the legislation.
Alex Elliott
