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Number of debt judgments falls below post-financial crisis level

Number of debt judgments falls below post-financial crisis level

Monday 11 February 2019

Number of debt judgments falls below post-financial crisis level

There were 1,492 debt judgments in Jersey last year, a drop of more than half since 2010 as the island emerged from the financial crisis.

According to new figures released by the Registry Trust, the overall figure is 14% less than in 2017 and 57% less than eight years earlier when there were 3,489 judgments registered.

However, while the number of judgments has fallen, the total value of judgments has increased. It rose by 41% to £5,370, while the total value of all judgments rose by 22% from £6.6million to £8million.

The number of debt judgments against consumers in 2018 decreased 12 % to 1,318, and there were 174 business judgments - 22 fewer than the year before.

The average value of consumer judgments in 2018 was £4,456 a rise of 52% on 2017, though the median value paints a different picture as it fell by 14% to £371 in 2018.

The median value of business judgments fell by just 2% to £2,166, though the average 2018 judgment value increased by 27% compared to the 2017 average, to £12,295.

Mick McAteer, Registry Trust Deputy Chairman, commented: “The number of judgments in Jersey continued to fall in 2018. The 2018 number is now well under half the figure we saw in 2010 as we came out of the great financial crisis. But, the total and average value rose suggesting there are still some very large judgments working through the system."

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