Neglected loans like neglected fences
Farm loans are much like farm fences. The make buying or running a place easier. They take a good bit of work to set up and if you look after them well they are very effective at doing the job.
But if you neglect them, just like fences, your finances can get all boxed up just like your stock can.
When a branch falls across the fence or a roo knocks it down, the faster you fix it the better.
With a loan, when a fire flood or drought makes payment difficult, the faster you get onto your bank and explain that the better. When commodity prices, government decisions or sickness strikes the same applies.
When the cattle know where they are headed they usually go there with little trouble and when the bank knows what you are doing it usually goes along with little trouble too.
It is when the cattle have no idea of where you want them to go and the bank has no idea why you missed a payment, that problems set in.
If you manage your bank as well as you manage your stock you will mostly have little trouble until you loan is cleared and you have the title deeds back safe and sound in your own hands.
If you do have problems give me a call at GBAC , 0428 417 496 and if I can offer a constructive suggestion over the phone I will. If you need more help than that we will be happy to give you our professional help as we have done for farmers throughout Australia since banks were de-regulated.
You probably know that banks are no longer the source of good financial advice and customer care. Today loyalty is out the door and everything is about profit for the bank and multi-million dollars salaries for bank executives, extracted from customers in fees and interest.
Banks trap farmers into unaffordable loans then financially abuse them, applying the heat of the old branding iron while the borrower is held firm in the cradle. Never be bullied by the bank and don’t think debt problems are your fault. It is the banker who is the expert in loans and does it every day. It is not the farmer who takes a mortgage loan once or twice in a lifetime that has the expertise.
I’ve run my own sheep and cattle and battled with my share of debt as well as running my own national Chartered Accountancy practice which I converted to a bank debt consultancy when banks began to rob farmers.
Always happy to help where I can. 0428 417 496