Private and alternative loan consolidation

If it is possible for you to arrange a private and alternative loan consolidation arrangement, other than through the normal funders, you need to ensure that all your rights, and those of the individual/s loaning you the money are protected in law. 

Borrowing money privately, whether through family or friends is a tempting solution, but not always practical. The consequences of late payment or worse, non-payment, to someone well known to you, can cause immense strain and bad feeling and lead to a worsening financial situation.

Always ensure that you make an agreement in writing which covers all eventualities from both parties points of view. Then, if things do go wrong but you have adhered to an agreement, the matter may not be so unpleasant.