Jersey debt judgements hit historic low

The number of debt judgments in Jersey fell to a historic low during 2017, according to figures released today by Registry Trust. There were 1,724 judgments registered in Jersey during 2017, 12 percent fewer than in 2016. By contrast, 3,489 judgments were registered in 2010. The number of debt judgments against consumers also decreased 12 percent, to 1,500. There were 224 business judgments, 27 fewer than the year before.

There were 16.5 judgments issued per 1000 people in Jersey last year, compared with 20.0 per 1000 in England and Wales. The mean average judgment increased 31 percent to £3,815. As a result the total value of all judgments rose to £6.6 million, up 15 percent.

Rising 117 percent, the mean average consumer judgment stood at £2,940. Six large consumer judgments, collectively worth almost £1,250,000, disproportionately contributed to the scale of this increase. Excluding these judgments, the mean average consumer judgment rose 57 percent in value to £2,117. The median consumer judgment rose in value 38 percent. The median business judgment’s value rose 22 percent to £2,216.

During 2017, 9.8 percent of Jersey’s judgments were satisfied. This contrasts with 13.04 percent in England and Wales.

Malcolm Hurlston CBE, chairman of Registry Trust said“Jersey’s economy can look forward to a bright 2018 – on the basis of our judgment stats for last year. There was generally sound borrowing and appropriate lending, leaving scope for more sensible borrowing in the current year.”

Statistics:

●      All judgments for 2017 (compared with 2016)

o Total: 1,724 (down 12 percent)

o Total value: £6.6m (up 15 percent)

o Mean average: £3,815 (up 31 percent)

o Median: £512 (up 31 percent)

●     2017 Consumer judgments

o     Total: 1,500 (down 12 percent)

o     Total value: £4.4m (up 90 percent)

o     Mean average: £2,940 (up 117 percent)

o     Median: £429 (up 38 percent)

●     2017 Adjusted consumer judgments

o     Total: 1,494 (down 13 percent)

o     Total value: £3.2m (up 37 percent)

o     Mean average: £2,127 (up 57 percent)

o     Median: £429 (up 38 percent)

●     2017 Business judgments

o     Total: 224 (down 27)

o     Total value: £2.2m (down 37 percent)

o     Mean average: £9,674 (down 29 percent)

o     Median: £2,216 (up 22 percent)