Credit, collections & insolvency news
Latest figures published by the Registry Trust have shown that Scottish debt orders have risen by 7 percent in the past year.
During 2018, 24,362 debt decrees registered against Scottish consumers, this was seven percent higher than in 2017. There was also a moderate increase to the combined value of all consumer decrees to £64.1million.
The average value of all consumer decrees fell to £2,629, six percent less than in 2017, in contrast, the median consumer decree increased by six percent to £1,297 in 2018.
The number of consumer small claims increased by seven percent in 2018 to 22,107, with the total value rising two percent on 2017’s figures to £33.9million maintaining the record high of the previous year. The average value dropped by four percent to £1,535, contrary to the median value rising by seven percent to £1,183.
Only 3.46 percent of decrees were marked as satisfied during 2018, far lower than the 15 percent of satisfied debt judgments in England and Wales, where satisfaction rates are generally higher owing to legal differences.
Trust chairman Malcolm Hurlston CBE said: “2018 was a mixed bag with divergent results for businesses and consumers. We are in the process of examining the year in greater detail and paying special attention to claimant trends. This study will be of value throughout the UK.”
Consumer statistics
○ Total: 24,362 (up seven percent)
○ Total value: £64.1m (no change)
○ Average* value: £2,629 (down six percent)
○ Median: £1297 (up six percent)
○ Total: 22,107 (up seven percent)
○ Total value: £33.9m (up two percent) [Highest annual figure on record]
○ Average* value: £1,535 (down four percent)
○ Median: £1183 (up seven percent)
○ Total number: 2,255 (up 12 percent)
○ Total value: £30.1m (down two percent)
○ Average* value: £13,354 (down 12 percent)
○ Median: £8238 (up three percent)
* Average value refers to the ‘mean’. The mean average tends to be higher than the median, as it is more distorted by outlying, high value cases.