The number of County Court Judgments issued has risen from 245,424 to 344,109 over the past year, Registry Trust Limited (RTL) statistics confirm.
The total value of consumer CCJs now stands at £797.9m. However, the average value of a CCJ has dropped to £2,319. Chair of the Registry Trust Malcolm Hurlston puts this seeming paradox down to lender and collector behaviours:
“Lenders have increasingly been selling debt to specialist companies who are more likely to go for judgements, even for smaller sums. As a result the average judgement value has fallen while the number of judgements has leaped.”
Conversely, the number of CCJs against businesses has dropped by 10% compared with the same period last year, with total value of £194 million. This, Hurlston argues, is more demonstrative of the wider state of finances in the UK:
“The number of CCJs against businesses has halved in the five years since the recession bit. The economy appears to be set fair.”
If you have received a CCJ or are worried with your personal debt, give our advisers a call today. Our financial advisers are on hand to help you make sense of your financial circumstances, and to help you decide the best course of action for you to take.