Farmers urged to seek legal advice over debt before signing milk deal

Farmers should seek expert legal and business advice to assess their projected overall personal debts before signing their Dairygold milk supply contract, warns one member of the Dairygold Concerned Farmers Action Group.

David Thompson, a dairy farmer from Cappamore, Co Limerick, has reminded farmers that they need to assess their overall personal debt to gauge their ability to repay.

“The dairy sector has predicted an average on-farm level of personal borrowings of more than €200,000 per dairy farmer by 2020,” cautions Mr Thompson, a committee member of the concerned farmers group.