I do appreciate the point about chasing an unreachable goal. I now have the amount I owe down to £52K – $104K equivalent.

Combination of (unusual) negotiating, creating a phoenix business from the ashes, losing some equity in the new business and sheer doggedness in the face of people telling me it’s impossible and why delay going bankrupt.

Some good advice you have received though is to make sure your focus on too much doesn’t detract form the rest ofthe business.

You may need to focus on getting the steady, contractual income higher to give you a platform to keep the creditors at bay.

Know you have plan A, B and C. Maybe it would be best to spread your engergies between 2 of these plans and slow down on one.

If you can stay alive today, get your mental strength back up, you can be ready for a renewed battle tomorrow.

I understand why people are telling you to give up and get a job, but I suspect you may regret that more.

It will be real tough to battle through the debt levels with a job with less opportunity to make significant inroads. i think bankruptcy will be inevitable, but at least you will have a chance.

I think you need to shift your focus and concentrate on less to achieve more.

You have shown that in the past, and I think you are going through an inevitable wobble and period of self-doubt.

Don’t let the advice sway you – you will know what’s right.

If you can keep learning and use those lessons to focus on what was wrong with the gambling and recognise that in your approach to business, then I think you’ll come through it.

It’s too easy to just throw in the towel and write off or let others write you off as someone who can;t learn from your mistakes. Having made loads of mistakes myself, I now know that the experience shows you how to avoid a repitition rather than simply being stereotyped as someone who will dumbly keep making them.

I believe you will learn from them. If you do, you will ignore the doubters and people who tell you it’s impossible.

My debt was even more massive, yet I have managed a sizable 82% reduction in 4 months.

I;m not saying that’s possible in this case because mine was different. But you have to retain belief and focus on where it can be achieved.

Keep saying “what if…” but take away the dreaminess that made you trade dangerously. Instead, apply a “gambling” filter to your thoughts in case there are any remnants left.

I think you’ll find you are more than capable of applying your experiences to finding a solution.

Here to help if you need anything (particularly on the negotiations – I suspect banks and lenders are not much different across the pond).

Software revenue comes either from a product side or from a service side. Product type revenues are more eratic (similar to gambling revenue) and a challenge for a startup due to the typical large investment required. Software products do require high investments which may need to be sustained for long (as the first release is often not perfect and needs more investments). In addition software projects have a high failure rate (30% success rate).

You seem neither financially nor mentally able to sustain the “crossing the chasm” phase for a software product. You would need a lot more focus on your plan than you show by trying to get several business off the ground at the same time. Focus or get out of the software business.

You are aiming at a big hit when it much better for you to have a small hit soon and selling services around it for a while. Once you know your customers better, maybe you can do a bigger deal.

You suggest your business can go bk? And what does this to do with your personal bk, why are you putting off the latter? If chances are extremely slim that you can pay back your personal loans – why delay the inevitable? Even if your business would generate some money that growth will cost. You would then need the cash for the business and in the current climate you will get no funds other than from your cash flow for a while. Withdrawing money from the business during this phase increases the probablity of bk. Lots of companies go bk from too much growth – don’t underestimate that and the potential to create an even bigger mess.

I’ve started to wonder if your dedication to getting out of this through your business is part of the same risk taking/adventure/buck the man type personality that got you into trouble trading. I wonder if your business has become day trading in a socially acceptable form, rather than a true way to work yourself out of this mess.

Lots of people get into financial trouble and lots of people work hard at steady jobs to pay it off steadily over time. There really are no big breaks and miracles for most people. I see your business as “just that one perfect trade and I’ll be made!” I think you’re still looking for that rush and that easy way out. I think your business at this point is still one huge gamble…and the gambler in you is really getting something out of it. At some point you have to give up the gambling addiction, join the real world and work your way out of this.

I think what got you into this mess is the idea that you were better than all that normal stuff and you could make it the easy way. Your business is an extension of that. Get some counseling and stop gambling. I think it’s a great idea for you to get a job!

I can relate in some ways, as one of my companies took huge hits in the last two years, and has cost me a lot of personal savings (on the order of $250K). Two other companies have done well, and allowed me to keep my head above water (just barely). But I also took a job at a very busy Starbucks to get health insurance and to stay sane. I’m much more productive at my own work when I get a 4-6 hour mental break on my feet, serving coffee to (mostly) happy people. In no way am I suggesting that you do this, just sharing what worked for me, as my own companies are very cerebral and isolating.

Having investors that I could not let down (like your debt to your Mom), really has kept me going. It’s a good incentive.

You can do this. Hang in there.

At least in your own biz you have opportunity and make you’re own decisions. W-2 jobs are decided by some d*ck sitting in a back office who doesn’t add value and will do anything to save his own neck.