DEBT JUDGMENTS AGAINST NORTHERN IRELAND CONSUMERS RISE BY NEARLY FIVE PERCENT BUT AMOUNTS OWED SEES LARGE FALL
The number of judgments against Northern Ireland consumers increased by 4.6 percent in Q1 2020 compared to the same period last year, from 1,411 to 1,476, according to figures released today by Registry Trust.
But the amount owed in judgment debt by Northern Irish consumers fell from just under £5 million to £3.2 million, down 34 percent over the same period.
The average value of consumer debt also fell from £3,434 to £2,159, a decrease of 37 percent on the same quarter of 2019. The fall in the average value is due to a decrease in the average value of debts above £3000.
In contrast, fewer but larger value judgments were taken out against businesses in Northern Ireland. The number of judgments against businesses fell 27 percent in the last quarter. Total and average values rose by 38 and 89 percent respectively.
The total value of Northern Irish businesses judgments reached almost the £1 million mark this quarter. Businesses owed 24 percent of all judgment debt in Northern Ireland in Q1 2020, compared to just 13 percent in Q1 2019.
Registry Trust chairman Mick McAteer said: “Covid19 interventions by government and regulators, and forbearance by creditors means we should see a major fall in numbers next quarter. But this latest data suggests some Northern Irish consumers are struggling with smaller debts, and damage to household finances will show up later”.
|Q1 2019||Q1 2020||Change (compared with 2019)|
|Judgments against consumers|
|Judgments against all businesses|
|Judgments against incorporated businesses|
|Judgments against unincorporated businesses|