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Farm debt mediation

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'Farm debt mediation' is a structured negotiation process in which the mediator, as a neutral and independent person, assists the farmer and the creditor in attempting to reach agreement on the present arrangements and future conduct of financial relations between them. Mediation is a simple, voluntary and confidential process that is quick, accessible and affordable.

 

The object of mediation under the Farm Debt Mediation Act 1994 is to provide for the efficient and equitable resolution of farm debt disputes. Mediation is required before a creditor can take possession of property or other enforcement action under a farm mortgage.

It is recommended that farmers employ a professional adviser.  The adviser can be your local Rural Financial Counsellor, your Solicitor, your Accountant or some other appropriately qualified person.  The role of the parties' adviser in mediation will be to fully prepare their clients for and then to assist and advise, rather than represent them, during the process and on any settlement options raised, and perhaps, assist the mediator with drafting the terms of any settlement reached.  It is essential that any adviser employed have a clear understanding of the mediation process and sound financial skills.

Information from the NSW  Rural Assistance Authority site - Farm Debt Mediation  http://www.raa.nsw.gov.au/fdm

 

Comment:

The major advantage I can see in this system is the recommendation that a suitably qualified person assist the "borrower", in this case the farmer, in this process. Advocacy makes the whole process less traumatic and assists the farmer with all the processes, the best alternatives and in the case of the adviser being a rural financial counsellor, also provides the "borrowers" with some emotional support through this very stressful time. The results are better outcomes for the borrower. It is a more supportive environment than FOS as well and may be one potential model for the future of home mortgage mediation. At least any glitches in the system would have been identified by now and it's Australian. :)

 

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Guest Wednesday, 02 December 2020