Gilmore: Law will not allow forgiving of debts

FAMILIES facing home repossession had their hopes of any immediate rescue dashed after the Government firmly ruled out debt forgiveness.

Tánaiste Eamon Gilmore said “interim measures” were being drawn up to help mortgage holders in difficulty but there will be no substantial change in the law before a Personal Insolvency Bill is published some time next year.

Even then it will not allow for debt forgiveness as a general principle, despite calls from lawyers, voluntary groups and the Master of the High Court for swift and radical change to the way mortgage arrears are handled by the courts.