Debt judgment value drops by nearly half

Monday 20 May 2019

The average value of debt judgments against Jersey consumers and businesses dropped by nearly 50% in the first quarter of this year.

It fell 46% to £2,737, while the total number of judgments fell by 17% to 448.

The total value of all judgments fell 55% from £2.7million to £1.2million compared the same period in 2018, according to the latest figures released by the Registry Trust.

The total value of consumer judgments fell by 69% to £782,842, while the average value decreased to £1,886, 63% less than in 2018.

There were 33 business judgments, 10 fewer than in the 2018 first quarter. The median business judgment’s value to £1,704, while the average judgment value increased by 196% to £13,439.

Pictured: The figures for debt judgments in the first quarter.

Though there were fewer business judgments in the first quarter, there was a 128% percent increase in the total value to £443,497.

5.69% of local judgments were satisfied in the first quarter, compared to 10.52% in in England and Wales.

Mick McAteer, the Registry Trust's Deputy Chairman, said: “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.”