Renting a farm personal issues.

pickupman01

Member
Livestock Farmer
Looking for advice please don’t shoot us down please.
Im looking at a farm to rent 100 acres fbt 7 years.
have always farmed and have other businesses as a sideline.
ive quite a major issue and not sure if I’m going to ever be able to have our own holding. Was involved in a car accident 3 years ago and a creditor sent me insolvent. (Don’t really want to get into that on a forum) but
was discharged 12 months after and it’s kind of behind me now apart from credit file.
we have no borrowed money or finance.
the wife has a good credit file couple missed payments but that’s all more from forgetting to pay than not been able to pay.
we have circa 180k clear money to invest and don’t need to borrow anything own most of the gear needed except a tractor.
just wondering if anybody has any experience of fbt and bad credit.
Not a ideal situation I know but life is life and s##t happens.
Any ideas helpful thanks.
 

bobajob

Member
Location
Sw Scotland
I think you need to detail it out in your application and explain to the letting agent/ landlord just what has happened.
Have evidence of your money in the bank, and your farming career up till now. A letter backing you from the bank and someone else of authority who you deal with and knows your character etc etc. Just all the common sense things to back up your application.
 

pickupman01

Member
Livestock Farmer
I think you need to detail it out in your application and explain to the letting agent/ landlord just what has happened.
Have evidence of your money in the bank, and your farming career up till now. A letter backing you from the bank and someone else of authority who you deal with and knows your character etc etc. Just all the common sense things to back up your application.
We have a agent who is helping put the application together had applied for another farm but rent we put in was too low. The agent says it’s in the past and now financially stable and not to worry but just that thing it’s in back of mind all the time. Getting a letter of bank what a performance that is we was going to put 1 in last application when proof of funds are asked for it’s virtually impossible to get a bank to write a letter now unless borrowings there not interested.
plenty of references from Agri colleagues and vet etc that they can contact also where I relief milk who are landlord right now as rent cottage off them since family farm was sold.
just hoping for a good outcome this time. We hadn’t actually seen this farm advertised until the land agent emailed us with the details and that with his advice do exactly the same as the last farm but with a better rent didn’t think we was low last time put in 200 a acre.
Time will tell.
 

Adeptandy

Member
Arable Farmer
Location
PE15
We have a agent who is helping put the application together had applied for another farm but rent we put in was too low. The agent says it’s in the past and now financially stable and not to worry but just that thing it’s in back of mind all the time. Getting a letter of bank what a performance that is we was going to put 1 in last application when proof of funds are asked for it’s virtually impossible to get a bank to write a letter now unless borrowings there not interested.
plenty of references from Agri colleagues and vet etc that they can contact also where I relief milk who are landlord right now as rent cottage off them since family farm was sold.
just hoping for a good outcome this time. We hadn’t actually seen this farm advertised until the land agent emailed us with the details and that with his advice do exactly the same as the last farm but with a better rent didn’t think we was low last time put in 200 a acre.
Time will tell.
If you have to put in £200/acre + i'd be thinking about concentrating on the other side jobs you have :eek:
 

pickupman01

Member
Livestock Farmer
I think your past is irrelevant. Send a photo copied bank statement if you are worried (How the hell do you go from insolvent to £180k in bank in 2 years?!) And £200/ac is bonkers money unless you wife's diversification requires this FBT to continue her business.
Yh we are going to attach statement to the cash flow. Wife already had good bit saved up and wasn’t a partnership at the time so she wasn’t involved just helped put pieces back together. Then work my back side off for last 2 years in top of that. Yh she needs sheds to continue her business.
 
Location
southwest
And how not ?? Is your life somewhat perfect ? And never had any major issues ? Lot people would just give up but what’s the point in that too. Just sayin xx


Your OP implies that a creditor had you declared insolvent due to an issue pertaining to a road accident.

That raised 2 questions in my mind:

1 If you were at fault, why didn't your insurance cover the costs.

2. Why did the other party force you into insolvency?


With regard to point 1, perhaps your insurance was invalidated for some reason. Without speculating as to the reason this may be, that reason may lead people to think that you are less than 100% reliable.

With regard to point 2, any solicitor will tell their client it's pointless making person insolvent as it is just costing you money to prove that they can't pay you what they owe you. Generally only Banks, HMRC and landlords force people into insolvency through the Courts, the first two as a matter of policy and the third one to gain vacant possession of a property. Of course the Insurers of the TP in the road accident may also have felt it necessary to take court action in order to gain access to, or a charge over, any assets you may have had at the time

Judging by the tone of your response, I would guess that you Insurance was invalidated for a reason you do not wish to discuss.
 

som farmer

Member
Livestock Farmer
Location
somerset
we are currently helping a young lad out, who through no fault of his own, got dragged into his parents bankruptcy, he left the partnership, 2 years previous to the deed, 1 creditor insisted he was still in the frame.
He is currently trying to get a farm business, up together, and has found the black mark, doesn't disappear, as he was told, it will take a long time to get a good credit score. And, in some way's, you can understand the reluctance of finance, or bank, to lend.
But he is getting there, mainly by working hard, for a contractor, and renting bit's of land, now has 30 odd sucklers. The stupid bit, he has a sensible positive bank balance, and earning good money.
That black mark, lasts a lot longer than it's meant to. There are chances out there, other than renting a farm, you can build up stock numbers etc, so when you do get your break, you can show you can 'walk straight in, ready to go'. You can understand the reluctance of l/lords, to take the risk. £200/ac takes some sticking, even if it includes a house.
I really wish you the best of luck.
 
To be fair I know someone who went bankrupt after a car accident because they were in a coma so couldnt complete a project in IT they were booked to do, they came round and papers were filed, no defence as the job wasnt done and they lost their house, that wasnt considerered a consequence of the car accident so the insurance didnt pay. cruel.
 

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quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

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