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FAQ’S: Can a lawyer remove me from debt counselling?
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Withdrawing from Debt Counseling
!!!!It is very important that you think very carefully about going under debt counseling because once you have been declared over indebted and accepted into the process it will be very difficult to withdraw from the process and even more difficult to remove the Debt Counseling flag from your credit bureau record. Below is an extract from the Guideline:
CAN A DEBT COUNSELLOR TERMINATE OR WITHDRAW DEBT REVIEW PROCESS?
A debt counselor does not have statutory powers to terminate or withdraw the debt review process. This means that a debt counselor can no longer issue Form 17.4 and update DHS with status G (Voluntary withdrawal by consumer) or H (Withdrawal by a debt counselor). There is However varied ways in which a consumer can be withdrawn from debt review which will be set out below.
CAN A CONSUMER WITHDRAW FROM DEBT REVIEW PROCESS ONCE A DEBT REVIEW COURT ORDER HAS BEEN OBTAINED?
Once a debt review court order has been obtained a consumer cannot terminate or withdraw the debt review process, they can however approach the court to rescind the order or apply for an order which declares that the consumer is no longer over-indebted. Upon receipt of the order, a debt counselor will notify the credit providers of the withdrawal by means of Form 17.W and update DHS with status G.
CAN A CONSUMER WITHDRAW OR TERMINATE DEBT REVIEW PROCESS PRIOR TO OBTAINING DEBT REVIEW COURT ORDER?
Consumers can only withdraw or terminate the debt review process prior to declaration of over indebtedness as per section 86(7) of the Act and issuance of Form 17.2 subject to payment of debt counseling fees as per NCR Debt Counseling Fee Guidelines. If a determination is made and no court order is in place, the consumer will remain under debt review. A debt counselor will notify the credit providers of the withdrawal by means of Form 17.W and update DHS with status G.
CAN A CONSUMER BE TRANSFERRED TO ANOTHER DEBT COUNSELLOR?
A consumer under debt review may be transferred to another debt counselor subject to payment of all debt counseling fees where it has been established that the previous debt counselor followed the correct process. • Form 17.7 should be used to facilitate this process.
Farmers who are down on their financial luck will be able to go to mediation before being forced into receivership by banks.
A Farm Debt Mediation Bill will soon be introduced into Parliament which will require creditors to offer mediation to farmers who default on payments before they take any enforcement action.
The bill arises out of concern there is a lot of debt in the primary sector. Last year agriculture debt stood at $62 billion, with dairy $41.5b, sheep and beef $14.1b and “other” including horticulture $6.3b. Four years ago dairy farmer debt was $34b.
In announcing on Monday that the bill had been given the go-ahead by Cabinet, Agriculture Minister Damien O’Connor said farm debt had ballooned out by 270 per cent compared with 20 years ago.
READ MORE:
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“Farmers are especially vulnerable to business down-turns as a result of conditions that are often outside their control, like weather, market price volatility, pests and diseases like Mycoplasma bovis.”
The estimated cost to set-up the scheme is $350,000, and the estimated annual cost for administering the scheme is $250,000 to $300,000. This will be met from the existing MPI baseline.
It is expected each case of mediation will cost about $6000. This will be split between the lender and the farmer.
Federated Farmers and the Bankers Association both back the bill. Neither could provide statistics for the numbers of farmers who go into receivership every year.
A similar private member’s bill in the name of NZ First primary spokesman Mark Patterson was introduced last year but was withdrawn at select committee stage because it was considered unworkable.
O’Connor said the bill was “pragmatic”.
“The guts of it is early intervention – where either the farmer or the bank have an ability to go and seek mediation, which is a far better option than forced foreclosure,” he said.
The genesis of the bill goes back to the 1990s when NZ First had attempted to introduce a similar measure. O’Connor said Patterson’s bill had been reworked as a Coalition Government piece of legislation.
One of the reasons why the bill failed to advance last year was the mechanism proposed came too late in the process, by which time a farmer was already under water.
Last year the Reserve Bank warned that while financial stress in the dairy sector was falling, a small number of farmers were struggling to pay down debt.
The numbers of farmers who were at least 90 days overdue with their loans was 2 per cent out of 8059 owner-operators and 3911 sharemilkers.
That figure was an improvement on the worst period for non-performing loans in 2011, when it had risen to 4.7 per cent.
Two years ago 12.7 per cent of dairy farms were “potentially stressed” but that has dropped to 8.6 per cent.
Real Estate Institute spokesman Brian Peacocke said it was difficult to gather accurate statistic
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