THE level of unmanaged debt in Northern Ireland continues to fall, with the number of debt judgments falling slightly during the first three months of this, according to the Registry Trust.
There were 1,925 small claims judgments in the first quarter, three per cent fewer than in the same period last year. But the total value rose by six per cent to £3.9m and the average value of a small claims judgment was up nine per cent to £2,049.
The number of judgments issued by the High Court increased by a quarter over January-March, with 45 registered judgments worth a total of £8.5m. The average judgment was £187,874.
Only 3.35 per cent of judgments in Northern Ireland were marked as satisfied in the first quarter compared to 11.83 per cent in England and Wales, where satisfaction rates are generally higher owing to differences between the legal systems.
Under a new initiative developed by Registry Trust, lenders are being encouraged to notify it directly when a judgment has been settled to their satisfaction.
This is likely to make an immediate difference in Northern Ireland, helping transform access to credit for thousands of consumers.
“At the moment it is up to consumers to tell us if they have satisfied a judgment,” said Registry Trust chairman Malcolm Hurlston.
“The system works, but the relative figures show it is far from perfect. If lenders notify us everybody will benefit.”
Between January and March the Registry Trust received 8,150 requests to search the register for Northern Ireland online at www.trustonline.org.uk.
Through TrustOnline, people in Northern Ireland can search for judgments and similar information registered against businesses and consumers anywhere in Britain and Ireland.
“It is a unique benefit for consumers to be able to check the debt record of any person or business with which they may be transacting,” said Mr Hurlston.
“Negative information would certainly make me think twice.”
