Do I Go Bankrupt?

sdbanotts

Hi mdj1

Thanks for your post.I'm not ruling out paying it back. I just wanted some advice.

I haven't taken any steps towards deciding to write off anything, just asking my creditors to hold on for a while whilst I look at the best solution.

I seem to be taking a bit of flak here, desite the fact I haven't made a firm decision on anything.

mdj1

I must admit, the worst thing is trying to get all the creditors to agree to stop adding charges, interest etc. I know that i had a battle to do this, its easier now as they know the consequences.

Be honest with them all, write them all the same leter saying, look this is the situation. I want to pay it all back and I will. It might take me time, but I want to be accountable for it. However, I can only do this if you stop adding to the account. If you continue adding then it will never get paid off and the only option I will have is bankruptcy. Be honest with them. If they wont be honest and give you the chance to pay it back then, by all means go bankrupt. In the end, they've had plenty of money out of you in interest already, if they freeze it and you pay all the moneys back then they would have still "made" profit from you. If you go bankrupt they loose out. SIMPLE. BUT for everybody that goes bankrupt the rest of the country picks up the bill through increased APR's etc.

sdbanotts

mdj1,
Agreed about the APR going up when people go bankrupt.

I am being honest with them all, and asking to hold off till I work out what the hell to do.

When the record deal comes through, they can have it all back.

By the way,the first single by my band has been changed.It's now called 'Dellboypass-Judgement',available from all good Dole Offices around the country.

sdbanotts

Someone asked me a few questions on my other thread.Thought my answers may be relevant here as well.

Haven't earnt any money as such yet.I've spent my time teaching myself how to produce using software etc, and taking a free sound engineering course on line.This has given me the necessary skills to produce my demos to a very high standard.

I have also produced demos for several friends, in order to build up a portfolio of my work, should my music not work, I will endeavour to work as a producer.

I have written everything in my music.I have programmed drums, played the guitars,bass,mixed and mastered.My other guitarist has also played on the demos.

We have had a few rehearsals with various drummers and bass players.None of those auditioned have so far been right.

My music is on Reverb Nation,and my space

The dole alllow people who are serious about a career in the industry to undertake a course called 'New Deal For musicians'.It involves studying for 30hrs per week, and meeting with a music indusrty insider to provide support regarding the business.

I have a few contacts at record labels (through my dealings with them during my TV career) who like my music, and await my band's formation before making any serious offers regarding a publishing deal etc.

Over 50 odd songs recorded.Can teach bass and guitar if necessary.
Gigs-Not as yet.
Money-There isn't any!!

Would interfere with my JSA, and mean I would have to leave my home, and move back to my home town, thus making it difficult to rehearse with my guitarist.He's currently studying medicine, so has little free time.It would also make it difficult to recruit the right people for the band.My hometown is a backwater, and creative musicians in that area are few and far between.

I would be more than happy to get a full time job and do my music, but because of my living expense costs,as bad as this may sound, I'm better off claiming benefits financially and having time to write.I haven't been offered a TV job since 2006, as my area of expertise is in a specialist field (Celebrity I'm ashaed to say), and there ain't much in the way of Celeb based programmes happening.And I despise the work, as it wasn't me as a person, and I began to hate who I was turning into as a result.

Fortunately my former colleagues and friends seem to like my stuff, and keep asking when I'm going to be playing live.

"
I set myself a dealine of 2 years.It is coming up soon, so all I am doing at the moment is askig for advice, and will weight everything up in Aug.

jamtart6

How about re-training for something else and keep the music as a sideline? It does sound terrible that you are better off claiming benefits (athough thats the fault of the gvmt), I'd love to be a writer but have to pursue a real day job and keep the dream for whenever I get time. You have been pursuing music since 2006, how far can you honestly say you have got with it? not giving you flack by the way just want to make you think more about it!

sdbanotts

Hi jamtart6,

I'm retraining in my own time to become a producer.I've taught myself all about sound engineering, and music production, so hoping to be able to use that, and at the end of this new deal for musicians course, I will hopefully get a placement at a recording studio.

As far as how far have I got with my music/It's impossible to say, other than I've had really good feedback on my my space and facebook sites, which give me encouragement that i'm not just dreaming my life away.

If anyone knows a good drummer and bassist in the North London area, send me a private message,with their email address and I will contact them. Songs written, just need a good rhythm section to begin rehearsing....

I have a couple of people to play with this weekend, so I'm hoping that goes well, and we can get gigging.

love to be able to put my webpages on here, but that will no doubt result in a load of abuse, if a couple of posters comments are anything to go by....