Farm debt and borrowing

bob charles

Just to get and idea of farm debt among people on here. If all credit was called in tomorrow what level are you at


I cant change the top of the poll which should be total debt and not borrowing

whelan1

theres a big difference between 250 and 500k.... why cant we see the way people voted

bob charles

whelan1 wrote: »

theres a big difference between 250 and 500k.... why cant we see the way people voted

because im selling the information:D:D, can you guys not see the results?? MOD's I need help:rolleyes:

whelan1

on mine it says the results are hidden, think there is an option when you are puttung up the poll to hide the results, or maybe its just me

kevthegaff

nosey yokes!!

whelan1

kevthegaff wrote: »

nosey yokes!!

maybe but it is always interesting to know where you stand on the larger scale of things

just do it

Bob

When you're setting up the poll click on the "show results" option. See can you go in and edit it, otherwise PM rellig

td5man

kevthegaff wrote: »

nosey yokes!!

+1

manjou

is it just farm debt or personal debt like morgage etc

bob charles

just do it wrote: »

Bob

When you're setting up the poll click on the "show results" option. See can you go in and edit it, otherwise PM rellig

wont let me edit it. I can see the way everyone voted:D:D only joking

whelan1

bob charles wrote: »

wont let me edit it. I can see the way everyone voted:D:D only joking

feck i'ill have to change the way i voted

Rovi

The poll was set up so that "The results are hidden for everyone but Administrators, Moderators and thread starter."

As far as I can see, there's no way for me as a mod to make the results visible to everyone.

The best I can suggest is that I'll remove this one and start a new one?
Or perhaps the OP might prefer to create a whole new thread?

bob charles

leave it run and I will give you the results at 10pm tonight, should give a decent enough snap shot

Rovi

Fair enough.

I can see the results too, but that's no use to anyone else

just do it

Can we trust you bob?

pakalasa

You're asking if you can trust a guy called 'Bob Charles'?

blackdog1

Does this inlude overdrafts or just bank loans?

bob charles

pakalasa wrote: »

You're asking if you can trust a guy called 'Bob Charles'?

Lies, damned lies and statistics

results are surprising so far:D

just do it

bob charles wrote: »

Lies, damned lies and statistics

results are surprising so far:D

Just remember, we'll be looking to Rovi for verification;):D

bob charles

just do it wrote: »

Just remember, we'll be looking to Rovi for verification;):D

I have Rovi as and independent adjudicator from KPMG

SCOOP 64

Must be keeping it to them selfs,cant see any results.

just do it

bob charles wrote: »

I have Rovi as and independent adjudicator from KPMG

Buck it, can't trust him so!

RobertKK

Worst poll ever :P

just do it

bob charles wrote: »

leave it run and I will give you the results at 10pm tonight, should give a decent enough snap shot

Come on bob, you're 4 minutes late...:cool:

bob charles

As of now

60 polled men and women:o


35% have no borrowings/debt
20% between 0 and 25k
22% between 25 - 100k
8% between 100 - 250k
11% between 250 - 500k
4% over 500k who our prayers are with:D

the big one for me is that 55% of polled have less than 25k borrowed/debt. that 's a crazy low figure

bob charles

just do it wrote: »

Come on bob, you're 4 minutes late...:cool:

The Fat ass from KPMG was late

just do it

bob charles wrote: »

the big one for me is that 55% of polled have less than 25k borrowed/debt. that 's a crazy low figure

In a tight margin business that's the place to be. Look at Ryanair, when the s**t hit the fan they bought a load of planes from their cash reserve at a bargin price whilst other highly endebted airlines had to be bailed out....

nashmach

I know Bob you have now shared the results but may be better to express it as € borrowed per acre.

100k might not be a large amount for 200 acres but is a lot more for 40!

bob charles

just do it wrote: »

In a tight margin business that's the place to be. Look at Ryanair, when the s**t hit the fan they bought a load of planes from their cash reserve at a bargin price whilst other highly endebted airlines had to be bailed out....

I know, But I didnt think the figure would be so high. Hopefully in 25yrs I will be in a similar position if still farming

moy83

Are the big loans for land or what I wonder

bob charles

nashmach wrote: »

I know Bob you have now shared the results but may be better to express it as € borrowed per acre.

Im not Fecking RedC or MRBI:D:D

nashmach

bob charles wrote: »

Im not Fecking RedC or MRBI:D:D

Millward Brown so

bob charles

nashmach wrote: »

Millward Brown so

are they the designers of your man bag:p

nashmach

bob charles wrote: »

are they the designers of your man bag:p

Don't put me in that league now Bob, speak for yourself perhaps :):D:D

kevthegaff

i had 200k starting off 5yr ago, down to just over 40k after this year so ill be grand when that ones finished. Was under serious pressure at times when milk price was 20 cent/litre but things are getting easier every year as different loans are clearing.

delaval

kevthegaff wrote: »

i had 200k starting off 5yr ago, down to just over 40k after this year so ill be grand when that ones finished. Was under serious pressure at times when milk price was 20 cent/litre but things are getting easier every year as different loans are clearing.

What was the rush to pay down loan?

kevthegaff

I took over loans from home and then smaller loans ontop, it was hard but i should be in a good financial position from now on. Ya my brothers said the same!

Rovi

As of a few minutes ago, here's how it stands:

td5man

Borrowing per cow/acre would be more relevant imo

hugo29

Interesting results,
As previously noted, 500k to someone farming 300+ acres and milking 150 cows is similar to small suckler farmer with 50k

Sort it out bob

Bactidiaryl

Is it just for farm related debt or what's the story?

delaval

Bob

Rubbish poll. It gives no info whatever. What were you hoping for?

loveta

kevthegaff wrote: »

i had 200k starting off 5yr ago, down to just over 40k after this year so ill be grand when that ones finished. Was under serious pressure at times when milk price was 20 cent/litre but things are getting easier every year as different loans are clearing.

Would you mind me asking what tax bracket are you in?? I use never take longer than a 5 yr loan but between tax and 2009 i had to change my ways:mad:

delaval

loveta wrote: »

Would you mind me asking what tax bracket are you in?? I use never take longer than a 5 yr loan but between tax and 2009 i had to change my ways:mad:

If he's eating principal he's in the top bracket I'd wager

loveta

be of the same train of thought cause being there done/doing that, fuc#ing sickner...........

bob charles

delaval wrote: »

Bob

Rubbish poll. It gives no info whatever. What were you hoping for?

what I was wondering and surprised with is the amount of people on here with absolute no borrowing 33%, and also people with very small borrowing under 25K which is 22%. I would have taught nearly ever farmer would have some sort of borrowing.

Surprised also only 12% have borrowings over 250k

not much info I know in the poll

delaval

bob charles wrote: »

what I was wondering and surprised with is the amount of people on here with absolute no borrowing 33%, and also people with very small borrowing under 25K which is 22%. I would have taught nearly ever farmer would have some sort of borrowing.

Surprised also only 12% have borrowings over 250k

not much info I know in the poll

A lot of partimers wages are being brought into the business, this is not seen as borrowin by some.

I would have expected a few more in the group you and I are in:D:D

mf240

delaval wrote: »

A lot of partimers wages are being brought into the business, this is not seen as borrowin by some.

I would have expected a few more in the group you and I are in:D:D

How is putting off farm income into the farm borrowing? You don't pay interest on it.

People may be putting their wages in and setting up the farm so that they can go fulltime at some stage in the future.

Also no reason to prolong loans what kev is doing makes perfect sense.

I can't fathom why people want loans over as long a term as possible. Paying buckets loads of interest for no reason.

delaval

mf240 wrote: »

How is putting off farm income into the farm borrowing? You don't pay interest on it.

People may be putting their wages in and setting up the farm so that they can go fulltime at some stage in the future.

Also no reason to prolong loans what kev is doing makes perfect sense.

I can't fathom why people want loans over as long a term as possible. Paying buckets loads of interest for no reason.

Not saying anything wrong but what ever way you slice it's inroduced capital that could be making a return elsewhere.

There is a paronia about interest. It's only the fee charged for the use of some elses money. I will never compromise my cashflow by tryin to repay too quickly. I will also never miss a deadline. Some with compromised cash flow miss payments when the problem was caused by trying to repay too quick or doing capital projects from cashflow

bob charles

delaval wrote: »

A lot of partimers wages are being brought into the business, this is not seen as borrowin by some.

I would have expected a few more in the group you and I are in:D:D

didnt think you would be in the 0 - 25k group aswell

bob charles

delaval wrote: »

Not saying anything wrong but what ever way you slice it's inroduced capital that could be making a return elsewhere.

There is a paronia about interest. It's only the fee charged for the use of some elses money. I will never compromise my cashflow by tryin to repay too quickly. I will also never miss a deadline. Some with compromised cash flow miss payments when the problem was caused by trying to repay too quick or doing capital projects from cashflow

I never like repaying capital at all, hence I like stocking loans and credit lines, but the major problem I have with these is the insistence with banks having to redo them every 12 months:mad:. Revolving stocking loans also dont suit ag businesses. Actually the Irish bank offer no product that is suitable for someone that wants continuous credit. There other option that they will fire at customers is a medium term loan where you start repaying capital from day 1, again not suitable for livestock. I have no problem paying interest aslong as there is enough credit available which there should be considering the security that farmers can bring to a banks balance sheet.

Along with low grain prices, low interest rates arnt good for full time farmers who want to get on with the job