Fewer judgments on larger debts in Jersey

The number of debt judgments in Jersey fell by almost a third during the third quarter of the year compared to the same period of 2017, according to figures released today by Registry Trust. However the average value of judgments increased by 84 percent compared to the third quarter of last year.

In Q3 2018, a total of 273 debt judgments were made, 32 percent fewer than in the same quarter of last year. However the total value of judgments rose by a quarter, to £2,433,579, on last year (the increase amounts to 114 percent if two business judgments that totalled over £800,000 in Q3 2017 are taken out of the equation).

The number of judgments against businesses fell by 16 percent while the number of judgments against consumers fell by 34 percent. The average value of a business judgment value fell by 11 percent to £20,517.

Registry Trust is the non-profit organisation which collects judgment information from jurisdictions throughout the British Isles and Ireland. In Jersey it collects, verifies and makes publicly available judgment records from the petty debts and royal court. A judgment is incontrovertible proof of unmanaged debt.

In the third quarter of 2018 the average consumer judgment was £7,095, 172 percent higher than a year ago and well above the average value of consumer judgments over the past ten years, which stands at £4,202.

During the period, only 11 of the 273 judgments registered in Jersey were satisfied. This contrasts with 52 of the 403 registered during the third quarter of 2017, a fall of 68 percent.

Registrar Malcolm Hurlston CBE said “It will make sense to observe closely what happens in the fourth quarter when it will be clearer whether these third quarter developments amount to a new trend. However people who have paid off their judgments clearly need to take action to register satisfactions. Satisfied judgments transform access to credit.”

In Q3 2018 Registry Trust received 7873 requests to search the register for Jersey online at www.trustonline.org.uk. TrustOnline allows anyone to search for judgments and similar information registered against consumers and businesses in any jurisdiction across the British Isles and Ireland.

Registry Trust has recently transformed its website to make it easier for people to use it from mobile phones.

Statistics

● All judgments for Quarter 3 2018 (compared with Q3 2017)
o Total: 273 (down 32 percent)
o Total Value: £2.4m (up 25 percent)
o Average Value: £8,914 (up 84 percent)
o Median: £713 (up 40 percent)

● Q3 2018 Consumer judgments
o Total: 236 (down 34 percent)
o Total Value: £1.7m (up 79 percent)
o Average Value: £7,095 (up 172 percent)
o Median: £514 (up 24 percent)

● Q3 2018 Business judgments
o Total: 37 (down seven)
o Total Value: £759,116 (down 25 percent)
o Average Value: £20,517 (down 11 percent)
o Median: £2,202 (down 25 percent)

statistics for Q3 2018 with comparison to Q3 2017’s adjusted figures.
● All judgments for Quarter 3 2018 (compared with Q3 2017- adjusted**)
o Total: 273 (down 32 percent)
o Total Value: £2.4m (up 114 percent)
o Average Value: £8,914 (up 215 percent)

● Q3 2018 Consumer judgments
o Total: 236 (down 34 percent)
o Total Value: £1.7m (up 79 percent)
o Average Value: £7,095 (up 172 percent)

● Q3 2018 Business judgments
o Total: 37 (down five)
o Total Value: £759,116 (up 284 percent)
o Average Value: £20,517 (up 336 percent)