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Expert warns against borrowing from family
People who need personal loans or other financial help should be careful about borrowing from close family or friends, an expert has suggested.
Martin Bamford, chartered financial planner and managing director of Informed Choice, has hinted that consumers could be better off approaching financial services organisations for access to loans which will help them out of debt.
He explained that choosing to borrow money from family or friends can push them into a "very difficult position", particularly if they are made redundant and need such funds back.
"I think you have to think very carefully, and you do have to be slightly selfish sometimes, when it comes to these things," he outlined.
"It is all about planning and considering all of the eventualities, not just living day-to-day and reacting to what happened on that particular day."
He made the comment after research by Scottish Widows revealed that one in ten adults have given an average of £8,520 to their parents.