I have found myself in a situation where I am working on a project that I want to get out of.
A quick overview of my situation is that I underestimated the effort. Was also giving a good price before that fact. It was supposed to have a quick turn around but it has become clear that the client is still not 100% on what he wants. It looks to me as it will be open ended and will be next to impossible to extract profit from.
My client paid me the deposit up front along with the deposit for the first milestone, which admittedly was my mistake. I shouldn't have accepted the payment until milestone complete. There has been nothing in writing except a few emails. No formal contract. I have also carried out a nice chunk of work, which I am willing to write off.
So, to my question, what is the best way to cancel this project? Unfortunately, it will be difficult to met so it must be over telephone. I am thinking of opening with something along the lines of "I cannot commit to doing this project any longer." I'm unsure about how much of an explanation I need to give. I think I will say the delivery date is much further down the line than originally expect and no longer works for me. It is better to cancel now rather that both of us putting in more work and having complications down the line.
Have many of you been in this situation before?