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.

-- Sherry McMullan (gary.beer@btinternet.com), June 19, 2000

Answers

When you first read this you get the impression that everyone is being nice exept the Builder .So you handed back the keys and they accepted #1600 -we do hope you got this in writing or a consent order from the court via your Solicitor?

You State you are being allowed to repay this at #50 pounds per month although you are not yet working and appling for income support-How can you make a financial agreement when you are not yet working and dont know your outgoings -Whats happens if you find you cannot afford the #50 per month?

Th bulder yes well he owns 20 per cent of your Flat and has obtained a judgement-he will want his share -not all we presume all go to the Halifax and presume he has a second charge on the property and he is trying to obtain his share -which has to be fair in law!

These agreements can on the surface look very good and do not want to upset you in anyway but stongly advice that you see a Lawyer on this if only to go over the papers and aggrements as you are not working you should be entitled to Legal Aid Aplication

Good luck

Charles Twford

-- charles twford (charles.twford@lineone.netc), June 19, 2000.