The number of debt judgments in Jersey fell by almost a third during the third quarter of the year compared with the same period in 2017, according to figures released today by Registry Trust. However, the average value of judgments increased by 84 per cent compared with the third quarter of last year.
In Q3 2018, a total of 273 debt judgments were made, 32 per cent fewer than in the same quarter of last year. However the total value of judgments rose by a quarter, to £2,433,579, on last year (the increase amounts to 114 per cent if two business judgments that totalled over £800,000 in Q3 2017 are taken out of the equation).
The number of judgments against businesses fell by 16 per cent, while the number of judgments against consumers fell by 34 per cent. The average value of a business judgment value fell by 11 per cent to £20,517.
Registry Trust is the 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.
Consumer judgments
In the third quarter of 2018 the average consumer judgment was £7,095, 172 per cent higher than a year ago and well above the average value of consumer judgments over the past 10 years, which stands at £4,202.
During the period, only 11 of the 273 judgments registered in Jersey were satisfied. This contrasts with 52 of the 403 registered during the third quarter of 2017 – a fall of 68 per cent.
Registrar Malcolm Hurlston said: “It will make sense to observe closely what happens in the fourth quarter when it will be clearer whether these third quarter developments amount to a new trend. However, people who have paid off their judgments clearly need to take action to register satisfactions. Satisfied judgments transform access to credit.”
In Q3 2018 Registry Trust received 7,873 requests to search the register for Jersey online at www.trustonline.org.uk. 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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