Farm repossessions

Sunset V

Saw this in the Examiner farming this week, about farm repossessions. Says that banks are looking at farms and machinery to clear their shagged balance sheets. Surely just a bit of a scaremogering???

http://www.irishexaminer.com/farming/general/cool-head-calm-heart-required-to-cope-with-threat-of-repossession-224061.html

Manoffeeling

As a neighbour of mine said about a lad who was being repossessed- what about those of us who are paying our way!

Sam Kade

Manoffeeling wrote: »

As a neighbour of mine said about a lad who was being repossessed- what about those of us who are paying our way!

What a great neighbour you have :rolleyes:

pakalasa

I'm with Manoffeeling on this. Bill Cullen was on The late Late the other night talking about how he left his renault dealership in millions in debt. He then went on to talk about his new business interests. When pushed on the money he already owes, he says "You can't get blood outta a turnip".
So who picks up the tab for all this, you and me.
Any why if farming any different? It's a business like any other. Be responsible and pay yer way.

leg wax

3 farms within 10 miles of me are in process of been sold by the banks,2 of them were bought in the hight of the boom for stupid money by farmers.they will now lose everything.

dzer2

I was outbid on a farm 10 years ago had set a price of 4k an acre for it. Was sold again last year it made 2100 and acre and again was out bid just couldnt get the finance.

Manoffeeling

Sam Kade wrote: »

What a great neighbour you have :rolleyes:

He pays his way and is very straight.

1chippy

I really do feel sorry for people that loose everything, but it may help people realise there isnt really soft or handy money to be made out of everything and just because someone else can make money out of something, doesnt mean they can. Everyone thought they were investors and developers for years. The sharp realisation is going to bite when everyone works out we are not near as clever as we may think we are. I know within my own business dealings i have become far more cautious and know that if i take a gamble on something that it will have far more consequences than just handing back whatever it is.
At the end of the day they signed their name under terms and conditions.

reilig

There was a case in sligo a few years back where a father and son with a big dairy farm were losing almost 100 acres that they had bought. They even managed to get their case onto the Farming Indo or the Journal. They were going to march on the Dail with a mass of their supporters to protest. The protest never happened when the bank released a statement which showed that the farmer's in question hadn't made repayments on the loan in 7 years. They had only paid some of the repayments in the first year. The bank tried to negotiate with them on the repayments and evidence of this was given, but they had not even made an effort to try to make interest or partial repayments.

Banks don't sell land if farmer's make a genuine effort to make repayments. They don't sell houses either if an effort is made - even if it was only Eur50 per week.

In the above case, if the land isn't generating even a small amount which could go towards the bank, then the farmer's are probably better off without it.

Someone getting sick, injured or a tragedy is a different story and should be treated with the compassion necessary IMO.

Muckit

pakalasa wrote: »

I'm with Manoffeeling on this. Bill Cullen was on The late Late the other night talking about how he left his renault dealership in millions in debt. He then went on to talk about his new business interests. When pushed on the money he already owes, he says "You can't get blood outta a turnip".
So who picks up the tab for all this, you and me.
Any why if farming any different? It's a business like any other. Be responsible and pay yer way.

That Bill Cullen looked a very pitiful and broken man to me. He was still spinning the same old b*llsh*t about getting up at 5am and going to the gym before work. To me he seemed to be drugged up to the eyeballs just to get by.

As Pak says, if he was half as good a man as he likes to portray himself as, he'd pay off his debts instead of walking away from them.

mf240

If you woke up beside jackie you be out of the bed sharpish too.

could never figure out people that get up earlier than they need too.

JohnBoy

reilig wrote: »

There was a case in sligo a few years back where a father and son with a big dairy farm were losing almost 100 acres that they had bought. They even managed to get their case onto the Farming Indo or the Journal. They were going to march on the Dail with a mass of their supporters to protest. The protest never happened when the bank released a statement which showed that the farmer's in question hadn't made repayments on the loan in 7 years. They had only paid some of the repayments in the first year. The bank tried to negotiate with them on the repayments and evidence of this was given, but they had not even made an effort to try to make interest or partial repayments.

Banks don't sell land if farmer's make a genuine effort to make repayments. They don't sell houses either if an effort is made - even if it was only Eur50 per week.

In the above case, if the land isn't generating even a small amount which could go towards the bank, then the farmer's are probably better off without it.

Someone getting sick, injured or a tragedy is a different story and should be treated with the compassion necessary IMO.

The banks hands are tied in these situations. Johnny can say and do whatever he likes and the bank cant say anything unless it goes to court.


it's rare i'd feel anything for the banks, but in these reposession cases it's often a very one sided story being told.