Could that facelift leave your finances looking saggy?

Demand for elective cosmetic surgery is thriving, fed by the inner anxieties of our 'desire economy' and aided by easy access to finance.

The UK market is expected to be worth £251 million by the end of 2004. Research by YouGov for Abbey found that about 1.5 million UK adults would consider borrowing on average £4,156 to fund a better body. More worryingly, a survey in Bliss magazine found that a third of teenagers polled would spend whatever they had to for cosmetic surgery. Sainsbury's bank estimates that just under £10 million of personal loans will be taken out this year for this purpose.

Spurred on by advertising and the media's body beautiful obsession, some people will end up viewing cosmetic surgery in the same light as buying a car, television or new home.

But more due diligence on the part of such people might have reduced the £7m paid in compensation for cosmetic surgery horrors in the past 13 years.

While there are many reputable surgeons and clinics the industry is not fully regulated and open to abuse - in spite of national standards recently introduced by the Healthcare Commission.

The British Association of Aesthetic Plastic Surgeons (BAAPS) says: 'Cosmetic surgery undertaken in appropriate circumstances can be life-changing in a beneficial way. However, if things are not right, it's likely to be at least unsatisfactory, and at worst disastrous.'

If someone is offering cosmetic surgery faster and cheaper than elsewhere, it is usually for a reason. Too many surgeons, it seems, are still more interested in profits than patients. BAAPS adds: 'One of the classic signs is a clinic offering marketing gimmicks such as "two-for-one" deals - get your breasts done and we'll also do your nose - or Christmas discounts.'

Alan Johnson of First Medical Loans, which specialises in cosmetic surgery, adds: 'We don't do easy finance, although there are many overnight outfits who do approach us and ask. Indeed, we will advise people against taking a loan if it is not financially viable.'

If you do decide to opt for cosmetic surgery, be sure to give equal importance to financial considerations as you would to the procedure itself.

Most major procedures cost between £3,000 and £6,000, and credit cards are a popular form of payment - that way you do not have to discuss what the money is for with your bank. But while surgery should be covered by section 75 of the Consumer Credit Act (CCA) - which makes the card company and the seller liable in case of breach of contract - don't rely on it as insurance against the procedure having to be corrected. The CCA focuses on the sale of goods and doesn't appear to quantify failure of service. This, experts say, could lead to a minefield of misinterpretation.

A good clinic will include the cost of any corrective procedure in the original fee. For example the Transform Medical Group, featured recently in Channel 5's Cosmetic Surgery Live, has a readmission policy covering clinical problems relating to surgery for up to three years after an operation. It says it won't commit to providing continuing surgery beyond that, where the original procedure has been affected by changes in lifestyle, illness or the natural ageing process.

BAAPs say you should also beware of 'free' consultations, booking fees or non-refundable deposits. Nothing is free and if the surgery is right for you there will be no need to be locked into going ahead by cancellation penalties. Indeed, you should have the right to cancel right up to the time of anaesthetic.

Unlike loans for many goods and services, some sort of payment protection plan may actually be of benefit, as it would cover loss of employment due to the need for further correction or additional recovery time. This might be more readily available with a personal loan from your bank or building society.

However, if a clinic or surgeon recommends a third-party broker, you should ensure they: know the difference between financing a car and a loan for liposuction; will be discreet; and are offering flexible terms based on what is best for you and your credit rating. Beware brokers that don't ask for your permission to approach different lenders one at a time; some will scatter-gun applications to multiple institutions instead, which could leave you with a black mark against your name. Make sure any proposed funder is FSA-authorised and is providing an unsecured loan, (without, say, your house or car as collateral), and push for the option to take payment holidays, settle early and restructure the debt.

By contrast, actually saving hard cash means you will at least have extra time to consider non-surgical alternatives, which even the most impartial surgeon is unlikely to suggest. Herbal breast enlargement supplements, such as Erdic and Perfect C Breast Enhancement still lack comprehensive scientific backing, but have plenty of women willing to sing their praises.

The Department of Health is currently looking at a number of options for additional regulation, to ensure that the 75,000 people who paying for procedures privately every year receive the same protection as NHS patients. But when it's your body in their hands, it ultimately falls to you to make sure you are informed about your consumer rights.

Don't make a boob

· A good clinic will want to know your medical history.

· Consult your GP, and/or seek a second opinion.

· As yet there are no minimum standards of training for cosmetic surgery, but surgeons must be registered with the GMC and preferably BAAPS (www.baaps.org).

· Look for proven experience in your chosen procedure.

· Double check any advisory organisation claiming independence - some get money from clinics.

· Most non-surgical procedures such as botox, chemical peels, dermal fillers and laser treatment should be carried out by a qualified doctor or nurse.