Jersey consumer debt judgements decrease

The number and total value of debt judgments in Jersey fell in the first quarter of 2019 compared to the same period 2018, according to figures released tby Registry Trust.

There were 448 judgments registered in Jersey during Q1 2019, 17 percent fewer than in the first three months of 2018. The average value of judgments dropped 46 percent to £2,737, though the median fell by just nine percent to £201. The total value of all judgments fell 55 percent from £2.7million to £1.2million from the same period of 2018.

In the first quarter of 2019, the number of debt judgments against consumers declined 17 percent to 415 and the total value of consumer judgments dropped 69 percent to £782,842, compared to the first quarter of 2018. The average value of consumer judgments was £1,886 a decrease of 63percent; the median value fell by seven percent to £185, compared to the same period the previous year.

There were 33 business judgments, 10 fewer than in the 2018 first quarter. The median business judgment’s value fell 11 percent to £1,704, while the average judgment value increased by 196** percent compared to the Q1 2018 average, to £13,439. Though there were fewer business judgments in Q1 2019, there was a 128** percent increase in the total value, to £443,497, from the same period the previous year.

Registry Trust deputy chairman, Mick McAteer 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.”

Statistics

	Q1 2018	Q1 2019	Change (compared with Q1 2018)
All judgments				notes
volume	543	448	-17%
total value	£2.7m	£1.2m	-55%
Average* value	£5,040	£2,737	-46%
median	£222	£201	-9%
Consumer judgments
volume	500	415	-17%
total value	£2.5m	£782,843	-69%
Average* value	£5,083	£1,886	-63%
median	£199	£185	-7%
Business judgments
volume	43	33	-23%
total value	£194,907	£443,497	+128%	2019 figure includes single judgment of £235,468
Average* value	£4,533	£13,439	+196%
median	£1,920	£1,704	-11%

 

* Average value refers to the ‘mean’. The mean average tends to be higher than the median, as it is more likely to be distorted by outlying, high value cases.

** While debt judgment numbers have fallen, the increase in value was disproportionately affected by a single judgment of £235,468