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Livestock
Dairy Farming
Paying down debt....
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<blockquote data-quote="Princess Pooper" data-source="post: 3571760" data-attributes="member: 971"><p>It all depends on what else you can 'flex'. Our bank manager refused us a loan to buy quota many years ago as said we could not repay it in the required 5 years. We went elsewhere and paid it back in 3. Minimal drawings for those 3 yrs and no equipment bought, but the quota was needed to produce more milk so pretty damn important.</p><p></p><p>But as others have said, it depends what your borrowing is for. If it was for land and buildings, silage/slurry stores etc then I'd be relaxed about paying it over 20 years. If some if it was for buying cows then 3-4 yrs max. If some of it is for buying fertiliser and feed then within 12 months. Borrowings should be properly structured, not all lumped together. Remember that an overdraft is payable on demand.</p></blockquote><p></p>
[QUOTE="Princess Pooper, post: 3571760, member: 971"] It all depends on what else you can 'flex'. Our bank manager refused us a loan to buy quota many years ago as said we could not repay it in the required 5 years. We went elsewhere and paid it back in 3. Minimal drawings for those 3 yrs and no equipment bought, but the quota was needed to produce more milk so pretty damn important. But as others have said, it depends what your borrowing is for. If it was for land and buildings, silage/slurry stores etc then I'd be relaxed about paying it over 20 years. If some if it was for buying cows then 3-4 yrs max. If some of it is for buying fertiliser and feed then within 12 months. Borrowings should be properly structured, not all lumped together. Remember that an overdraft is payable on demand. [/QUOTE]
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Paying down debt....
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