Eastern Renovations

Bill Dacey (owner of Eastern Renovations) arrived at our house in April, 2009. He made big promises to fully renovate our basement, including lamenent flooring for approximately $13,000.
My wife and I agreed that he seemed to be a very nice gentleman and would like him to start. He indicated that this was a 'relatively easy' job and that it would take him somewhere around 6 weeks to complete. He also set out a payment schedule that would allow for us to monitor his progress and pay him weekly (which we appreciated since this was our first experience with Bill).
The work began the following week (mid April 2009) and for the first 5 weeks there was a flurry of activity in our basement. We adhered to the payment schedule and by the 5th week had paid for 90% of the estimate price. Our only error was that we didn't pay closer attention to what was being completed when he asked for payment.
By early June 2009 we noticed some changes in Bill's commitment level. We began to get calls from Bill giving excuses as to why he would not be showing up (from the electrician 'Dave' not being reliable, to not having the proper materials to Bill needing a vacation). At this point the walls were up and the floor was down but the rest was still unfinished. There were wires (that we found out were live) sticking out of sockets and the furnace vents had been covered over (which we didn't notice, as we were not using the basement in the summer months). We have two kids and fortunately because it was summertime there was no need to be in the basement where they could have been hurt.
Well, summer turned to fall and there was still no Bill. He would call us sporadically and tell us he would complete the job, but that he had other commitments that were competing for his time.
In October 2009, we discussed a solution to our issues with Bill and agreed that he would pay us back $3,000 so that we can get the job done through another contractor. Bill was very happy to hear about this option and promised to get us the money required.
We engaged another contractor to find the vents that Bill had covered over (as it was now getting cold in the basement and the kids were using it everyday) and to complete the electrical. This was another $600 out of our pockets.
It is now December 15th, 2009 and the job is still not finished and Bill has not come through with the money to complete the job.
The last 8 months have been terrible. Constant promises and daily frustration. Bill refuses to own up to his mistakes and he has gone as far as to call us and say that he will be there to give us the money he owes us and then doesn't show (not to mention not returning our phone calls).
Anyone considering Eastern Renovations run, don't walk the other direction. Bill is a smooth operator that hides behind a simple smile and a handshake. If our disasterous situation with Bill is any indication, you can be sure that he will not fullfill his obligations to you.