AMOUNT OF REGISTERED DEBT OWED BY SCOTTISH CONSUMERS SEES SHARP RISE IN Q1 2020
Scottish consumers owed £14.3 million in registered debt in Q1 2020, according to figures released today by Registry Trust, a rise of 20 percent on Q1 2019. The number of decrees saw a small increase of three percent compared to Q1 2019. The large rise in the value over the period was driven mostly by a 16 percent increase in the average size of decrees from £2,267 to £2,629.
The number of decrees against Scottish businesses rose by 29 percent over the period, from 561 to 722. The total value of decrees against businesses fell 5%, to just under £3million. The average value also fell by 10% as the number of lower value decrees continued to rise.
Incorporated businesses saw the biggest rise in number of decrees with an increase of 55 percent, from 398 to 617, while the average value fell by 37%.
Smaller businesses fared better this quarter, with decreases in the number and total value at 36 percent and 13 percent respectively. The average rose significantly, by 35%. The data suggests that a number of high value cases are distorting the average value.
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 Scottish consumers are already struggling with debts. Further damage to household finances will show up later”.
|Q1 2019||Q1 2020||Change (compared with 2019)|
|Decrees against consumers|
|Decrees against all businesses|
|Decrees against incorporated businesses|
|Decrees against unincorporated businesses|