Banks will be told to back off before foreclosing on farm debt, forcing farmers off their land
Banks will be told to back off before foreclosing on farm debt, forcing farmers off their land
17 June 2019
The Government's just announced a mediation scheme for farmers, that'll help them if they're facing financial stress with their lenders.
It'll require lenders to offer farmers mediation if they've defaulted on their payments - and before they take any enforcement action.
Farm debt's risen by a staggering 270 percent in the past twenty years to almost 63 billion dollars.
The Beehive was spurred into action by New Zealand First's Mark Patterson, who's dropped his bill to allow the Government to have a crack at the issue.
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