Registry Trust, the not-for-profit organisation which maintains the Register of Judgments, Orders and Fines for the UK & Ireland, has released its Q2 2022 statistics report. The report shows a significant increase in the number and value of monetary judgments (including CCJs) registered against consumers and business in England & Wales compared to the same period last year.
The total number of monetary judgments registered in England & Wales rose from 207,976 in Q2 2021 to 222,490 in Q2 2022, an increase of 7%, and the value increased by 84%, from £418 million in Q2 2021 to £770 million in Q2 2022.
The number of monetary judgments registered against businesses in England & Wales increased by 52%, from 20,066 in Q2 2021 to 30,468 in Q2 2022. The value of these judgments (including commercial CCJs, which have been identified as a ‘warning sign’ for insolvency) also rose by 181%, from £94.5 million in Q2 2021 to £265.8 million in Q2 2022. The value of consumer judgments also saw a significant increase of 55%, from £324 million in Q2 2021 to £504 million in Q2 2022.
Registry Trust CEO, Lex Jones, said:
“Seeing such a significant increase in the value of monetary judgments against both businesses and consumers, while not unexpected, is an important indicator of the serious financial distress many are currently experiencing as a result of cost of living and inflation pressures.
“With growing reliance on credit cards and buy now pay later to purchase necessities, these figures are likely to increase as CCJs are raised for missed first and second payments. The outlook for businesses is also particularly concerning, especially given the fact that our research has shown a clear link between a business receiving a CCJ and then later becoming insolvent. We urge the Government, regulators, lenders, and other key stakeholders to take these figures very seriously and use them to inform policy and other interventions to avoid further economic harm.”
Read Registry Trust’s full Q2 2022 stats report here.