The Registry Trust – a UK-based non-profit organization which collects information on debt judgments throughout the British Isles and Ireland – released its figures for the first quarter which show that the number of debt judgments registered in Jersey rose slightly.
A total of 543 debt judgments were made, 13% more than during the same quarter last year. This was caused by an 18% spike in the number of consumer judgments while the number of business judgments registered fell by 13%.
5.2 judgments were issued per 1,000 people in Jersey, compared with 5.8 per 1000 people in England and Wales, during Q1 2018.
The total value of judgments skyrocketed by 71% compared to a year prior, due to two “mammoth” outlying consumer judgments, each to the value of £965,262. Excluding those two large judgments, the value of judgments registered during Q1 2018 was £806,001, almost half of the total value of judgments in Q1 2017.
During the period, 3.9% of Jersey’s judgments were satisfied, compared to 9.2% over the same period last year.
Registrar Malcolm Hurlston CBE said: “Jersey consumers should make sure that they apply for a satisfaction if they have paid off their debt in full. If they don’t, they miss out on a great opportunity to improve their record and typically make borrowing easier and cheaper.”