Farm Debt Mediation Service: Who Qualifies and What You Get
If you are a farmer struggling with debt, this service provides neutral mediation to help you negotiate with creditors and restructure what you owe.
The Farm Debt Mediation Service helps farmers who are facing financial difficulties or insolvency by providing a way to negotiate with those they owe money to.
Who it's for
This service is specifically for farmers who are struggling to manage their debts or are facing insolvency.
What you get
You gain access to a neutral third party who acts as a mediator. This person helps you sit down with your creditors to discuss your situation and work toward a way to restructure your debt.
What it costs you
The service is free to use. However, to participate, you must provide full disclosure of your financial situation.
The catch to know
This is intended to be a last resort. It is important that you do not wait until your bank or creditor has already started foreclosure proceedings before seeking help.
How to apply
- Review your financial documents to ensure you can provide full disclosure.
- Contact the service to discuss your situation.
- Prepare to participate in mediation sessions with your creditors.
- Visit the official portal for more details: https://agriculture.canada.ca/en/programs/farm-debt-mediation-service