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This is video four in a four part series that explains farm debt mediation in NSW. This video discusses the role of the mediator, how parties can mediate effectively, and the types of agreements that might be negotiated during the mediation. It also explains the next steps after a satisfactory mediation, including the certificate issued and appeal mechanisms. More information is available from the NSW Rural Assistance Authority’s website (https://www.raa.nsw.gov.au/) or a NSW Rural Financial Counsellor.
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
At http://www.debtcounsellinghelp.co.za we have an easy 6 step application process:
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Step 6: The debt counsellor will facilitate your debt re-arrangement application at your local magistrate.
Getting started on defense, and getting started on discovery are key to self defense in debt cases. For help defending yourself correctly and powerfully from debt collectors, check us out at https://YourLegalLegUp.com.
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In the wake of the global financial crisis, most of the discussion has been focused on questions of debt. And the response, almost uniformly, has been austerity and privatization: cuts to services that have been painted as forms of reckless spending by a bloated public sector. In Debt or Democracy, Mary Mellor turns the whole conversation upside down, showing that the important question is not who owes what, but who controls the creation and circulation of money in the first place. When the problem is examined from that angle, it becomes clear that privatization, far from being the answer to our problem, is the very source of it—the subordination of public finance to private interest.
A direct challenge to conventional economic thinking, Debt or Democracy offers a bracing new analysis of our economic crisis and offers cogent, radical alternatives to create a more just and sustainable economic future.
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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There are so many reasons why you should download the Debt Payoff Planner App, and this video outlines all of them, as well as what all of the features are.
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The United States has gone off track, allowing domestic and foreign aid policies to be co-opted by a government—abetted by mass media—that serves special interests rather than the greater national good. Americans’ tendencies to trust, play fair, and help have been abused and require replacement by a realistic outlook.
The Vanishing American Dream posits solutions to get America back on the right track. Abernethy sees population growth driven by mass immigration as a major cause of economic and cultural changes that have been detrimental to most Americans. The environment has been degraded by over-crowding and increasing demands on natural resources. Work is cheapened by explosive growth in the labor force creating a buyer’s market. One salary or wage no longer supports a family and educates children. Women working outside the home is a necessity, not a choice, for most American families. Futhermore, feminism, aimed originally at balanced gender roles, has been turned viciously against males of all ages and ultimately against females through degrading their traditional and valuable contributions.
Abernethy proposes that Americans need time to regroup, untroubled by a continuing influx of foreign peoples. The family, small business, and responsive local government are centers around which a solvent and confident citizenry can prosper again.
Debt consolidation might be the right plan of action for you, but how will it affect your credit score? Watch Jeff Schwartz from Consolidated Credit Canada break it down.
