The number of debt decrees registered against Scottish companies sharply rose during the first quarter of 2018, according to latest figures released by Registry Trust.
During Q1 2018, 7,259 debt decrees were registered against Scottish consumers, six percent more than in Q1 2017. Despite rising in number, a 14 percent fall in average value led the combined value of all consumer decrees to drop nine percent compared to the first quarter of the year before. A seven percent increase occurred in the number of consumer small claims and summary cause decrees issued. In contrast, the number of consumer ordinary cause decrees fell by seven percent.
Only 3.17 percent of decrees were marked as satisfied during Q1 2018, far lower than the 13.14 percent of satisfied debt judgments in England and Wales, where satisfaction rates are generally higher owing to legal differences.
Trust chairman Malcolm Hurlston CBE advised people who had paid back: “If you have satisfied a decree, tell Registry Trust and we shall let credit reference agencies know. Then you are likely to find borrowing easier and cheaper. You need to tell us, it doesn’t happen automatically. Fewer than a quarter of the people in Scotland who pay back are getting the recognition they deserve.”
● Q1 2018 All consumer decrees (compared with Q1 2017)
○ Total: 7,259 (up six percent)
○ Total value: £16,782,924 (down nine percent)
○ Average value: £2,312 (down 14 percent)
○ Median: £1,179 (up four percent)
● Q1 2018 Small claims and summary cause decrees
○ Total: 6,747 (up seven percent)
○ Total value: £9,756,100 (down five percent)
○ Average value: £1,446 (down 11 percent)
○ Median: £1,082 (up five percent)
● Q1 2018 Ordinary cause decrees
○ Total number: 512 (down seven percent)
○ Total value: £7,026,824 (down 15 percent)
○ Average value: £13,724 (down eight percent)
○ Median: £8,319 (up ten percent)