Is there a right way to borrow money from family?

It's not easy going cap in hand to friends or family for money.

But if you're prepared to adopt a businesslike approach, it's possible to secure a workable loan without leaving your reputation or relationship in tatters.

The golden rule is to limit requests for help to financial emergencies.

People are more likely to shell out cash if you're struggling to pay a medical bill, than if you're just keen to buy a new festive season party outfit.

Rather than expecting charity, suggest realistic loan terms.

Repaying a loan gradually is far more manageable than repaying the lot in a single lump sum.

So specify how much you can repay, each week or month, until the debt is cleared. This gives the lender a sense of reassurance that they will get their cash back.

If you can afford it, offer to pay interest or suggest some sort of collateral. It's a gesture that may be waved aside but at least it shows you're taking the loan seriously.

Put the terms of agreement in writing and stick to them.

It's a good idea to maintain a low-key lifestyle while you owe money.

Auntie Edna isn't going to be impressed by the news that you're holidaying at Club Med if she's just handed you an emergency loan to pay the rent.

Above all, take the debt seriously.

You may share genes or friendship but gaining a reputation as a "bad debtor" will end any prospect of securing another financial helping hand if you need it in the future.

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