On the Australian Bankers Association website is a bank-friendly warning from ASIC, the so-called corporate regulator, about what they call “Debt management firms” who help borrowers manage their debts. Most Australian farmers are highly skilled at farming, but don’t have debt management skills and banks take advantage of that. The warning reads: “AFCA and consumer groups continue to raise concerns with ASIC about the conduct of debt-management firms and the potential harms these entities may cause consumers, including that they may provide unsuitable services and engage in predatory conduct” – ASIC. Farm Debt consultants help farmers in managing farm debt issues.

Suitable farm debt consultant services?

The “unsuitable” services that farm debt consultants might provide are to:

1. make the banks write off debt caused by predatory dishonest lending practices,
2. make banks share the suffering from deliberately trapping farmers in unaffordable debt-traps,
3. make the banks give farmers a repayment holiday when the season or prices go bad
4. help the farmers increase their profits with cheaper loans, to clear their debt earlier.

The  big bank protection racket against managing farm debt

Banks, protected by industry bodies and government, have the opposite priority to borrowers. What makes the bank rich, makes the farmer poor. Government too has the opposite priority to farm borrowers. It seeks an expanding economy where money moves around and around to primarily end up in the government coffers through taxes. Farmers borrow then spend the money running the farm with the rural store, agent, carriers etc who spend the money again and so on and so forth. Farm borrowers however lose profits through interest they pay. But they still need to earn enough profit, or surplus cash, to repay their loans. Otherwise they have “forever” debt and end up working for the bank and the government. Farm debt consultants show farmers how to retain as much of the money that comes in, as they can, to clear debt early and really enjoy the farming life instead of slaving from sunup to sundown.

The best consultant is one who you engage and pay

AFCA, ASIC, ACCC and the Bankers Association work against farm debt consultants obtaining fairer loans for farmers, investigating inappropriate bank practices and generally helping farm borrowers who have been lied to, misled, cheated, defrauded or robbed by the bank. As farm debt consultants for many decades, with their own farming, accounting and business experience, the GBAC consultants don’t apologies for making billionaire banks write off dishonestly obtained debt to help farm families struggling with flood, fire and drought, price fluctuations and government policies.