Shatter: Sell your jewellery to pay off debts

Justice Minister Alan Shatter has warned struggling borrowers they will be forced to sell engagement rings and family jewellery to pay back banks under debt arrangements proposed in the Personal Insolvency Bill.

Up to 4,000 people are expected to apply next year for a write-off of up to €20,000 from debt on credit cards, hire purchase agreements, or smaller loans under the planned laws debated in the Dáil yesterday.

They will have to prove their assets are less than €400 — with the exemption of the family car, household appliances, tools, or other essential items.