Jersey consumer debt judgments plunge

Posted: 14/05/2019

The number and total value of debt judgments in Jersey fell in the first quarter of 2019 compared with the same period 2018, according to figures released today by Registry Trust.
There were 448 judgments registered in Jersey during Q1 2019, 17% fewer than in the first three months of 2018. The average value of judgments dropped 46% to £2,737, though the median fell by just 9% to £201. The total value of all judgments fell 55% from £2.7m to £1.2m from the same period of 2018.
In the first quarter of 2019, the number of debt judgments against consumers declined 17% to 415 and the total value of consumer judgments dropped 69% to £782,842, compared with the first quarter of 2018.

The average value of consumer judgments was £1,886 a decrease of 63%; the median value fell by 7% to £185, compared with the same period the previous year. 
There were 33 business judgments, 10 fewer than in the 2018 first quarter. The median business judgment’s value fell 11% to £1,704, while the average judgment value increased by 196% compared with the Q1 2018 average, to £13,439.

Though there were fewer business judgments in Q1 2019, there was a 128% increase in the total value, to £443,497, from the same period the previous year.
Registry Trust is a non-profit organisation that collects judgment information from jurisdictions throughout the British Isles and Ireland. In Jersey, it collects, verifies and makes publicly available judgment records from the petty debts and royal court. A judgment is incontrovertible proof of unmanaged debt.
During Q1 2019, 5.69% of Jersey’s judgments were satisfied. This contrasts with 10.52% in England and Wales.
Registry Trust Deputy Chairman Mick McAteer commented: “Registry Trust data is a useful indicator of the state of the economy, levels of unmanaged debt, and lender treatment of borrowers. Judgments against consumers in Jersey remain near record low levels at almost one-third the levels we saw in the midst of the great financial crisis in 2008.”
In the first quarter of 2019 Registry Trust received 9,643 requests to search the register for Jersey online at TrustOnline allows anyone to search for judgments and similar information registered against consumers and businesses in any jurisdiction across the British Isles and Ireland. 

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