Number of debt judgments down 39pc compared to 2010 – Vision.net.ie
Number of debt judgments down 39pc compared to 2010 – Vision.net.ie
Christine Cullen, managing director of Vision-net.ie
The number of consumer and commercial debt judgments has dropped by 39pc to 3,339 judgments for the first ten months of 2014 compared to the same period in 2010, according to new figures compiled by Vision-net.ie.
Debt judgments allow creditors to retrieve money owed through a variety of mechanisms, including appointing a receiver and commencing bankruptcy proceedings.
Vision-net.ie reckons these figures suggest there is an increasing ability and willingness to service, pay and negotiate debts.
In terms of monetary value, the total value of all debt judgments awarded has fallen by 63pc to €263m up to the end of September 2014 compared to the 2010 equivalent time.
“Today’s data indicates that consumers and businesses are beginning to slowly navigate their way out of the heavy burden of debt which has crippled our economy over recent years. The fall in both the number and value of judgments awarded is undoubtedly a good news story,” said Christine Cullen, managing director of Vision-net.ie.
“However, exactly why it is occurring may be for a variety of reasons such as an increased ability of consumers and businesses to service their debts, a greater willingness on the part of banks to negotiate deals with customers and/or the impact of recent changes to insolvency and bankruptcy laws.”