Halifax agree to settlement after keys handed in

After a nightmare few months where a lousy tenant flit my property owing some #2000 rent arrears the Halifax were about to repossess. In addition to this the builder who owns 20% of the property decided to call in his share and got a judgement against me for #15,000. I handed the keys in to the Halifax and have now agreed a final settlement figure of #1600. They estimated that the shortfall would be around #3200 after sale. I am sure it will be much higher but they have agreed to settle for #1600 regardless. I am being allowed to repay this at #50 per month starting in September once I have returned to work. I hope this will be the end of them matter - at least as far as they are concerned. However, the builder is threatening to make me bankrupt. I am currently without an income - having applied for income support recently and am awaiting their decision - until August when I return to work. What can he gain by making me bankrupt? I have no savings, or any assets whatsoever. I am a single mum with two children. Surely he cannot commandeer my wages? It wouldn't be worth me returning to work if he does. In any event just thought I would let you know that not all the lenders are that bad. I feel the Halifax have treated me with as much consideration as they could in the circumstances.

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