An article in the Guardian reports on the first cast of Les Miserables seeking legal advice after they discovered a contract limiting royalty payments from the original cast album to 25 years.
The actors claim to have been unaware of a clause in their recording contract stating that they were only eligible for royalty payments for 25 years. The production celebrated its quarter-century last year with a series of special events including a one-off concert at the O2.
Equity is seeking legal advice on behalf of its members, but First Night Records, the company behind the recording, insists that it is simply abiding by the terms of the contract, which the performers’ union had agreed.
Some of the original actors, including Peter Polycarpou, frances Ruffelle and Michael Ball have spoken out about their displeasure on Twitter and in the papers.
John Craig, managing director of the record company, said, “The beef that the players have should be with Equity and not with us…Their union signed a silly contract.”
“I feel quite bitter that Equity sign a contract and then moan like crazy when we stand behind the terms of it,” he continued.
But Equity’s assistant general secretary Martin Brown argued that changes to the length of copyright mean that the contract, which was based on a template agreed in the 1960s, is now too outdated to stand. “First Night Records are trying to use that nearly 50-year-old contract to terminate payments at 25 years, even though the legal copyright is now much longer.”
Les Miserables is the world’s longest running musical, premiering in 1985 and has been seen in 41 countries by over 55 million people.
The faster you pay off your home mortgage, the less interest you will have to pay and the sooner you will own your home. Here are some tips to accelerate your mortgage payments.
Paying off your mortgage early can be one of the best financial investments that you ever make. The longer you take to pay your mortgage the more you will be spending on interest. Also, as soon as you own your property outright you will be able to put the money that you are spending on the mortgage into something else. You will no longer be susceptible to the fluctuations of the property market and will have the peace of mind of owning all of the equity in your home.
So how can you speed up the process and pay off your mortgage faster? Here are some tips:
• Start off on the right foot by finding a first time buyer mortgage with the lowest interest rate. Take your time and compare many different options so that you will be sure that you are choosing the right one. The lower the interest rate the less you will have to pay, enabling you to pay off your mortgage faster.
• Prepay as much money as you possibly can early in the mortgage. Mortgage loans are interest heavy up-front, so if you can whittle down the amount that you need to pay at first you will save a lot of money in future interest payments. You should always start with a down payment of at least 20% of the purchase price of the home, but if you can pay more this will be even more beneficial.
• If you receive a tax refund, inheritance, bonus at work, or other windfall, use it right away to pay down your mortgage. Before you do this, check with your particular mortgage because some have restrictions on paying lump sums.
• Examine your monthly household budget to see if you can cut your expenses in any way. Dine out at restaurants less, walk to work instead of driving, and reduce other costs and you will be amazed how much extra money you have each month. If you can apply this extra money to your mortgage it will be paid off a lot faster.
• If you have a suite or an extra bedroom in your home, consider renting it out and using the money to help pay off your mortgage faster. You will likely find many single people who are happy to rent out a one bedroom suite in a house for a reasonable price, especially if you live in a city with a university because many students will be looking for housing. Make sure that you check with the specific requirements of landlords in your area to ensure that you are doing everything properly.
• Round up your mortgage payments. For example, if your bi-weekly payment is £367 why not round it up to £400? The extra £33 will not break your budget but it will add up in the long run.
• If you get a raise at work, spend the extra money on your mortgage rather than increasing your lifestyle in the short term.
Use these tips to pay off your mortgage faster and get closer to owning your home!