The most common and most likely answer to this crossword clue is the 7 letter word CHATTEL
C
H
A
T
T
E
L
More clues leading to the result CHATTEL
- Gossip allowed to return property
- Item of property: its changing hands would make some talk
- Item of property as result of gossip changing hands
- This property might cause gossip if it changed hands
- Gossip allowed back to get personal property
- Talk on phone – someone has this legally
- Things one has to discuss by phone
- This bit of property changing hands would cause gossip
- Personal effect of gossip changing hands
- Run away from rabbit by large property
Buddy explains!

The straight part
We know that "Personal effect" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case personal effect = chattel.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CHATTEL mean?
CHATTEL noun- Tangible, movable property.
- A slave.