Customers urged to apply for confirmation after paying off debts

Thursday 10 May 2018

Local customers should apply for 'a satisfaction' confirming they have paid their debt in full to avoid difficulties when borrowing, the Chairman of the Registry Trust has warned.

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."