DEBT JUDGMENTS AGAINST NORTHERN IRELAND CONSUMERS UP BY NEARLY TWO THIRDS IN Q1 2021 BUT REMAIN BELOW PRE-COVID PEAKS
The number of debt judgments registered against Northern Ireland consumers in the second quarter of 2021 (Q2 2021) was 706, a rise of 67 percent from the 424 in the same period last year, according to figures released today (27.07.2021) by Registry Trust. But, it is worth noting that numbers are still well below the highs seen before Covid struck.
The rise in the total value of judgment debt owed was on a similar scale, up 62 percent from just over £1 million in Q2 2020 to £1.6 million in Q2 2021. The average value of consumer judgments fell slightly by just under three percent, from £2,371 last year to £2,303 this quarter. The median value fell by nearly nine percent from £1,115 to £1,016. This suggest creditors are taking out more, smaller judgments against consumers.
Judgments against Northern Ireland businesses also rose but by a lower rate of increase than against consumers. Business judgments were up 27 percent over the period, from 92 to 117. The total value of judgments against Northern Ireland businesses rose by just over nine percent, £260,514 to £284,721. The average value of business judgments fell, from £2,832 to £2,434, down 14 percent. But, the median value was 29 percent higher, at £1,295 compared to £1,006. This suggests there were fewer very large judgments and fewer smaller judgments pushing up the median value.
Registry Trust Chair Mick McAteer said: “We saw a large rise in the number and value of judgments against Northern Irish consumers in this quarter compared to the same period last year. At that time, interventions by government and regulators, and forbearance by creditors, in response to the Covid crisis had kept judgment numbers at historically low levels. But, as these measures were wound down, numbers began to rise again. However, while numbers are still well below the pre-Covid peaks, the rise suggests the Covid economic crisis is far from over for financially vulnerable households.”.
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|Q2 2020||Q2 2021||Change (compared with 2020)|
|Judgments against consumers|
|Judgments against all businesses|
|Judgments against incorporated businesses|
|Judgments against unincorporated businesses|