Fewer debt judgments while value soars

Monday 26 November 2018

New figures show that fewer islanders are getting into debt, but the overall burden on those who are in debt seems to be increasing.

According to figures released recently by the Registry Trust, the number of debt judgments in Jersey fell by almost a third - while their average value increased by 84% compared to the same period last year.

A total of 273 debt judgments were made in the third quarter of this year, which was nearly a third less than during the same period last year. However, the total value of judgments rose by a quarter to £2,433,579.

The number of judgments against businesses fell by 16%, while the number of judgments against consumers fell by 34%.

The average value of a business judgment value fell by 11% to £20,517. For consumer judgments, it was £7,095. This was 172% higher than a year ago, and well above the average value of consumer judgments over the past ten years, which stands at £4,202.

During the period, only 11 of the 273 judgments registered in Jersey were satisfied. Last year, only 52 of the 403 registered during the third quarter of 2017 had been satisfied.

Registrar Malcolm Hurlston CBE 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.”