If you are going through a period of financial hardship, there are resources to help you manage your debt. Our Farm Debt Mediation Service (FDMS) provides free, confidential and voluntary financial services for producers that are having difficulties repaying their debts.
The FDMS is designed to help you explore your options and work with your creditors to find mutually acceptable solutions. Our support includes the services of an independent financial consultant who assesses your farm business’s situation and helps you develop a recovery plan. It also includes access to a professional mediator to help prepare for and facilitate discussions between you, your financial consultant and your creditors.
“After over 200 mediation sessions, I can still be surprised at how effective our mediators are at providing alternative solutions that work. The informal framework facilitates open discussions among participants.”
Art Bailey, Chartered Professional Accountant and Financial Consultant, FDMS
Why act early?
Producers who seek help at the first signs of difficulty generally have a wider range of solutions available to them. The experience of FDMS financial consultants and mediators also demonstrates the importance of acting before a situation becomes irreversible. Chartered professional accountant and financial consultant Art Bailey recalls one producer who was at risk of losing a family farm that had been operating for more than 50 years. By bringing together the farmer and his family members to review the situation and available options, a recovery plan was developed. The mediation allowed the farm to continue its operations and regain financial stability.
Take the first step
The challenges of farm debt can be difficult to bear. Farmers may face significant financial pressure due to rising production costs, market fluctuations, unpredictable weather conditions or declining revenues. However, difficult periods do not define the future of your farm operation.
Contacting the FDMS may provide an opportunity to explore solutions for your situation. To find out more about the FDMS or to submit an application, visit: Farm Debt Mediation Service.
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