In the following video Nicolette explains Debt Consolidation
Sheila talks about how getting debt counselling from Credit Counselling Services of Atlantic Canada helped her get her life back on track.
Kristen is trying to figure out how to afford both her student loan payments along with bills for her mental health. She calls Dave for advice.
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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  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.
Debt-Savvy is South Africa’s leading debt counsellor. Each month we help hundreds of South Africans to consolidate their debts, reduce interest rates, and more! Learn how with our free education videos: www.debt-savvy.co.za
Hear mediator, Lee Nevison provide an insight into Farm Business Debt Mediation (FBDM) and how producers can best prepare for their mediation.
How to apply for debt counselling? More info here: http://www.debtcounsellinghelp.co.za/Debt-Counselling-Process.php
You apply for debt counselling by completing an application form. The form name is a Form 16.
We need to speak to you about the procedure and fees before you complete the form 16. It is very important that you understand how debt counselling works and how it will benefit you.
We will check your completed form 16 for errors and help you to complete it correctly.
When the form 16 is completed correctly you can print, sign and fax it back to us. You will have to fax your supporting documents as well.
As soon as we receive your application your will in debt counselling and protected from creditors.
Since the last economic collapse and market crash, we have witnessed the greatest corporate debt binge in U.S. history. Corporate debt has more than doubled since then, and it is now sitting at a grand total of more than 9 trillion dollars. Of course there have been other colossal corporate debt binges throughout our history, and they all ended badly. In fact, the ratio of corporate debt to U.S. GDP rose above 40 percent prior to each of the last three recessions, but this time around we have found a way to top that. According to Forbes, the ratio of nonfinancial corporate debt to U.S. GDP is now nearly 50 percent…
You can see the chart they are talking about right here and it clearly shows that each of the last three stock market crash and economic crisis coincided with the bursting of an enormous corporate debt bubble. This time around the corporate debt bubble is larger than it has ever been before, and risky corporate debt has been growing faster than any other category…
Needless to say, the stage is set for a corporate debt collapse of epic proportions.
What makes this debt bubble even worse is the way that our big corporations have been spending the money that they are borrowing. Instead of spending the money to build factories, hire workers and expand their businesses, our big corporations have been spending more money on stock buybacks than anything else.
And now this giant corporate debt bubble has reached a bursting point, and there is no way that we can avoid a huge stock market crash and economic crisis.
Meanwhile, another financial bubble of epic proportions is also getting a lot of attention these days. Nonbank lending, an industry that played a central role in the financial crisis, has been expanding rapidly and is still posing risks should credit conditions deteriorate. This kind of lending has absolutely exploded all over the globe since the last recession, and it has now become a 52 trillion dollar bubble…
Who is going to pick up the pieces when a big chunk of those debts start going bad during the next economic collapse and market crash? Never before in human history have we seen so much debt. Government debt is at all-time record levels all over the world, corporate debt is wildly out of control and consumer debt continues to surge.
This is one of the reasons why I get so frustrated with the financially-illiterate politicians who insist that everything will be just fine if we just tweak our current system a little bit.
No, everything is not going to be just fine. In fact, we have perfectly set the stage for the worst financial collapse in human history. At this point nobody has put forth a plan to fundamentally change the system, and there is no way out. All that is left to do is to keep this current bubble going for as long as humanly possible, and then to duck and cover when economic collapse finally strikes.
This video created by a professional movie maker with high quality editing and narrated by a world class voiceover artist.
Script written by Michael Snyder, author of the www.theeconomiccollapseblog.com
Music: CO.AG Music https://www.youtube.com/channel/UCcavSftXHgxLBWwLDm_bNvA
Most of artwork that are included with these videos have been created by Epic Economist and they are used as a representation of the subject matter. The representative artwork included with these videos shall not be construed as the actual events that are taking place.
Anything that is said on the video is either opinion, criticism, information or commentary, If making any type of investment or legal decision it would be wise to contact or consult a professional before making that decision.
Use the information found in these videos as a starting point for conducting your own research and conduct your own due diligence before making any significant investing decisions.
Here is what you should know if you are summoned to a pre-trial hearing for debt collection. There are several things you should know as a consumer to protect …
Visit us online by going to https://www.debtreview-sa.co.za
We found that potential debt review applicants need and want to know the steps of the debt review process. Below we made a short summary for you, to provide you some indication on what to expect.
1. If you feel you are over indebted you would need to contact a debt counsellor to do this application.
2. You will apply for debt review by completing and signing a Form 16. Keep your ID, latest payslip ready as well as the latest statement of each creditor. It is very important that you provide the debt counsellor with ALL your creditors.
3. The debt counsellor will inform all creditors and credit bureaux that you have applied to be under debt review. From this stage your creditors will not be allowed to take legal action against you for the following 60 days. This is only valid if a creditor did not already start with legal steps.
4. The creditors will need to supply your debt counsellor with outstanding balances and initial contracts (where applicable).
5. The final step will be for your debt counsellor to assist you with your budget (income less expenses) and to determine what amount will be available for distribution on a monthly basis to your creditors.
Feel free to contact us, to assist you with debt review.