Does debt bother ye?

kevthegaff

Im always wondering do lads get stressed over debt, i myself am used to it since starting up with large loans, bills etc. Finally i have got my loans down to a low amount but bills seem to be continuous. whats yer views?

whelan1

sure it keeps ya on your toes:D no point getting in over your head

Conmaicne Mara

No, if money is coming in, definately yes if it's not

bbam

Loans and the like are a real two edged sword.
It's hard to build a business from day to day cash, an injection of capital can give you that boost to get momentum.

But I think it comes down to your personality. Sometimes I stress to see €500 on the visa but when money needs to be spent to make money, so be it.

mahoney_j

Wouldn't say I get stressed about debt or bills as I keep a very close eye on them monthly.no farm business is operating without sone level of debt as credit is needed to keep the wheels turning.something I do is try and pay everybody sonething every month bar November when the tax man calls!!.most years I'm in a good place cone September.i have my parlour/shed loan structured wher only 6 payement per year are made from May to October.wouldnt fancy another 2009 again though

mahoney_j

Wouldn't say I get stressed about debt or bills as I keep a very close eye on them monthly.no farm business is operating without sone level of debt as credit is needed to keep the wheels turning.something I do is try and pay everybody sonething every month bar November when the tax man calls!!.most years I'm in a good place cone September.i have my parlour/shed loan structured wher only 6 payement per year are made from May to October.wouldnt fancy another 2009 again though

whelan1

I write everything down I owe every month in my diary. Then write beside it what I can afford to pay. Check internet banking every morning and mark off what's paid.

bbam

mahoney_j wrote: »

Wouldn't say I get stressed about debt or bills as I keep a very close eye on them monthly.no farm business is operating without sone level of debt as credit is needed to keep the wheels turning.something I do is try and pay everybody sonething every month bar November when the tax man calls!!.most years I'm in a good place cone September.i have my parlour/shed loan structured wher only 6 payement per year are made from May to October.wouldnt fancy another 2009 again though

whelan1 wrote: »

I write everything down I owe every month in my diary. Then write beside it what I can afford to pay. Check internet banking every morning and mark off what's paid.

This is key... keep chipping away at them... non of them get out of control and every man knows you the paying type..

simx

Usually tip away with dribs and drabs during the year and usually clear remaining amount at end of year, certain debts annoy me some bit for example any money owed to glanbia is left on the long finger as i think they are just a shower of robbing pr***s, i pay people that give a better deal and value my custom more

Timmaay

I know one or two lads who end up fairly stretched (esp after 09), and on interest only payments for afew years, doesn't look like a nice place at all to be. Probably sums debt up for me, good debt that you know helps move the business forward, and that you are under control of is fine, should be zero stress about. But when you are slaving away just to pay back interest payments, knowing that your business is at risk, alarm bells should be ringing, as to how you ended up in that situation, and how you get out of it.

bob charles

deaths/debts, one of them bothers me, dont care about the other one

vinne

Spent spent and the Lord will send

keep going

Dosent bother me one bit as long as I can make the payments.b#ll#cked when I cant

jersey101

More imported to have a few bob to go to the pub of a saturday night so ye can forget about them. No point sittin at home twiddling your tumbs every night of the week. They can get ye down if ye see no one all week and all your doing is working

jomoloney

am fairly debt free at this stage,

but was heavily borrowed once, a certain bank manager once rang me and said he was worried about my affairs

I replied no need for the 2 of us to be worrying about it and hung up

blue5000

I am more p!!ssed off about the interest rates we have to pay in this country. ECB rate is down to 0.25% and we must be paying 20 times that.

There must be some scope for us farmers to be able to get together and borrow off a european bank. Why should we be subsidising Irish banks for their property boom mistakes?

Sam Kade

I was over my overdraft limit a few years ago and went in to sort it out a few thousand here a few thousand there another few thousand coming in. Things seemed to balance up, then the woman over my account tried to sell me life insurance :mad:

Sam Kade

bob charles wrote: »

deaths/debts, one of them bothers me, dont care about the other one

The one that bothers you is getting a day closer every day :eek:

Farmer Pudsey

blue5000 wrote: »

I am more p!!ssed off about the interest rates we have to pay in this country. ECB rate is down to 0.25% and we must be paying 20 times that.

There must be some scope for us farmers to be able to get together and borrow off a european bank. Why should we be subsidising Irish banks for their property boom mistakes?

Speak for yourself Tonto, at present debt dose not worry me after latest decrease in ECB rates my interest rate has come down again (thank you ACC bank will be sorry to see you go).

Have a farm loan took it out over ten years ago money was tight for a while around 2008/9 and again early last year but at present everything is sunny. Friend of mine nearly choked about how much I owed few months ago, I told him it was about 70% more 6-7 year ago:eek::eek:.

The bank are only getting the due repayments paid a lump off it last year and am sorry now that I did not hold onto the cash I nearly get as much in interest as I am paying the bank. There is good oppurtunities if you have cash at present,

Biggest thing I think is you are better to have one big loan rather than numerous small one. Also interest is crippling on machinery loans etc. I keep away from car loans. holiday loans and washing machines loans. I hate small loans as the rates are penal. The better half has a credit card and buys everything on it but she clears it at the end of the month. Uses it more for the fact that she carry's virtually no cash with her.

jersey101

As irelands biggist dairy farmer said while laughing " i have enough money to sink a ship and owe enough to sink two"

Sam Kade

jersey101 wrote: »

As irelands biggist dairy farmer said while laughing " i have enough money to sink a ship and owe enough to sink two"

His sfp would sink the titanic if it were still around

restive

Anyone ever consolidate debt?

delaval

I wouldn't want to be worried about it!!

bob charles

i cant sleep worrying about ........... not :D. I hope im keeping some German fecker awake wondering if I will default on my payments .

Im hoping to consolidate most of my loans in the next few weeks and try and get a few quid more. My main bargaining chip is a long term loan at circa 2.2%:D

poor farmer

I have a fair bit of debt ,for a dear land next door.Happy enough and meeting all payments

I would sooner have the bank trust me with their money ,than me trusting them with mine