The number of debt judgments registered in Jersey rose slightly during the first Quarter (Q1) of 2018, according to figures released today by Registry Trust.
In Q1 2018, a total of 543 debt judgments were made, 13 percent more than during the same quarter last year. This increase in total volume was caused by an 18 percent spike in the number of consumer judgments; the number of business judgments registered fell by 13.
There were 5.2 judgments issued per 1000 people in Jersey, compared with 5.8 per 1000 people in England and Wales, during Q1 2018.
The total value of judgments skyrocketed 71 percent compared to a year prior. However, two mammoth outlying consumer judgments, each to the value of £965,262, greatly skewed the scale of this increase.
Excluding the 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 percent of Jersey’s judgments were satisfied. This contrasts with 9.2 percent during Q1 2017.
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.”
- All judgments for Q1 2018 (compared with Q1 2017)
- Total: 543 (up 13 percent)
- Total Value: £2,736,525 (up 71 percent)
- Average Value: £5,040 (up 51 percent)
- Median: £222 (down 54 percent)
- Amended all judgments for Q1 2018 (compared with Q1 2017)*
- Total: 541 (up 13 percent)
- Total Value: £806,001 (down 47 percent)
- Average Value: £1,490 (down 55 percent)
- Q1 2018 Consumer judgments
- Total: 500 (up 18 percent)
- Total Value: £2,541,618 (up 88 percent)
- Average Value: £5,083 (up 60 percent)
- Median: £199 (down 52 percent)
- Q1 2018 Amended consumer judgments*
- Total: 498 (up 17 percent)
- Total Value: £611,114 (down 55 percent)
- Average Value: £1,227 (down 61 percent)
- Q1 2018 Business judgments
- Total: 43 (down 13)
- Total Value: £194,907 (down 23 percent)
- Average Value: £4,533 (down £16)
- Median: £1,920 (down 14 percent)