The value of default and small claims judgments in Northern Ireland skyrocketed during the third quarter, according to figures released today by Registry Trust.
In the High Court, 14 judgments were issued, three fewer than in the third quarter of 2016. In general, the number of judgments issued for the third quarter has fallen year on year since 2011, during which 217 High Court judgments were issued. During Q3 2017, 4.52 percent of judgments were marked as satisfied. This contrasts with 11.98 percent in England and Wales, where satisfaction rates are generally higher owing to differences between legal systems.
Under a new initiative developed by Registry Trust, lenders are being encouraged to notify the Trust directly when a judgment has been settled to their satisfaction. This would make an immediate difference in Northern Ireland, helping transform access to credit for thousands of consumers.
Chris Pond, chairman of the Lending Standards Board, welcomed this initiative. Mr Pond said: “I am glad to see voluntary initiatives which improve the financial experience of many people. Registry Trust should get a good hearing for promoting consumers’ interests.”
Announcing the quarterly figures, Registry Trust chairman Malcolm Hurlston CBE said: “We are looking closely at where additional judgments are coming from: whether from traditional lenders, debt buyers or elsewhere. Any decision to take legal action is worth taking seriously whether taken by a lender or another agency reclaiming money.”
Defaults and small claims Q3 2017 (compared with Q3 2016)
- Total: 2,186 (up 25 percent)
- Total Value: £5.9m (up 85 percent)
- Average: £2,704 (up 47 percent)
- Total: 14 (down three)
- Value: £583,306 (down £759,321)
- Average: £41,665 (down £37,313)