Former Corrie star Nick Cochrane has told how he is on the ver ge of bankruptcy - after losing £300,000 on a soap magazine he launched.
The actor, who raked in £120,000 a year as the Street's Andy McDonald in the 1990s, now has creditors chasing him for tens of thousands of pounds.
Nick, 34, has also had to sell his £500,000 home because he could not keep up the mortgage payments.
A source close to the star said: "He now fears his only option is to file for bankruptcy - hardly a nice Christmas present.
"There is no way out for him. It's all a far cry from his Corrie heyday."
Nick had nine years of fame as Steve McDonald's twin brother until he left the ITV1 show in 1997.
He has made two brief returns.
He ploughed £100,000 of his own cash into launching the glossy mag Into Soap four years ago.
But it flopped and Treble Media Ltd, the company Nick set up to run the magazine, has gone into liquidation.
He said it owes creditors £200,000 - and under company law he is liable for every penny.
Talks are under way in an attempt to find a rescue package but Nick - who now works behind a pub bar - fears there is no alternative to bankruptcy.
He rents a three-bedroom house in Worsley, Manchester, with wife Denise and their two children, aged eight and four.
At one point money was so tight that the family had to move in with Nick's mother-in-law.
But he is desperately trying to put a brave face on his plight.
Nick, who is looking for acting roles again, admitted: "It will not be the rosiest Christmas I have ever had but I am getting hardened to it. I have to be positive.
"The magazine folding has been a big strain on me and my wife. I can't thank my friends and family enough for their support.
"We have had this hanging over us for some time now so we are kind of getting used to dealing with the stress."
It's all so different from his carefree days on the Corrie set with Simon Gregson as Steve and Bev Callard and Charles Lawson as the twins' parents Liz and Jim.
"My lifestyle has completely changed since I left the Street," said Nick. "When I was working on the show I didn't realise how much money I had. You live to your means and I was earning quite a lot and spending a lot. Obviously things are quite a bit different now. It was great back then. I had a great time.
"Imagine being in your late teens, having lots of money in your wallet and a fast car. "I had an absolute ball on Corrie. It gave me a great start in life. I have no regrets with regards to the Street. I do sometimes think of the money I just wasted on things that I didn't really need. I could do with it now.
"When I was 18 I was living the dream - now I have the threat of bankruptcy hanging over me." Nick said it all went wrong because he was naive and did not realise how difficult it would be to set up a magazine without properly understanding business.
He said: "It has been a strain watching the magazine go under. I didn't know how hard it was going to be to run my own magazine and compete against the others.
"It was a lot of hard work and investment by me. I had a lot of money in the house at the time and remortgaged to get £100,000 as my initial investment in the magazine.
"After a few months we ran into some problems. Another company got involved but soon after I went to a meeting and was told that the magazine was being pulled.
"That was it and everyone was out of a job. It caused me a lot of pressure. I paid back what I could but we ended up losing the house.
"The business was getting chased for everything - unpaid rent, photographers, distribution costs, printers. There were 15 to 20 major suppliers. My company went into liquidation and I became liable for everything."
Nick admitted: "I had no idea what I was doing or what was going on. My biggest mistake was being wet behind the ears.
"The sale of the company never happened. I never got any money from the assets. I had a £12,000 overdraft on the business account.
"The total amount I owe is £200,000 plus the £100,000 of my own money that I put in. So I am down £300,000. I was left with nothing. The whole thing has caused a lot of heartache."
But determined Nick insisted: "Although it is not going to be the best Christmas because of all this debt it won't be the worst.
"We'll get through this no matter what."
1997 I earned £120k as Andy McDonald on Corrie, bought £500k house and a fast car
I sank £100k into a new soap mag, lost the lot and am about to be bankrupted.
From The People
I used to like him in Corrie, wish he would come back and sort his brother out
Reply With Quote
How come I've been taking my meds"