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Total CCJ debts 'fell £309 million in 12 months'
Annual statistics from the Registry Trust, a non-profit organisation which registers all County Court Judgments (CCJs) in England and Wales, shows the total debts amongst people issued with CCJs is falling.
CCJ debts in England and Wales fell to £1.72 billion last year from over £2 billion in 2010. In the space of a year, the total value of CCJ debts fell by £309 million, representing a decline of 15%.
CCJ debts peaked in value in 2008, at the height of the recession, but have steadily declined since then. In fact, the value of CCJ debts has more or less halved since 2008 dropping by around 42.6%.
Back when the recession was at its peak, over £3 billion worth of debt was owed on CCJs, but since then £1.284 billion less debt has been dealt with this way.
In 2011 a total of 567,700 debt judgments went through the County Courts, worth £1.72 billion in total. However this was 12,000 less than during 2010. The average judgment is for £3,042 of debt.
A CCJ is always a result of a serious debt problem, as lenders will only pursue a debt through the County Courts when the borrower has repeatedly missed payments.
A spokesperson for the IVA Advisory Centre commented: "People struggling to repay debt may be able to start debt management, or enter an IVA (Individual Voluntary Arrangement). Both these debt solutions can help borrowers avoid CCJs, and even bankruptcy, as long as the borrower doesn't delay getting help."
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