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Great 'What Terms Don't You Know?' Hunt

edited 30 November -1 at 1:00AM in Site Feedback
28 replies 6.6K views
MSE_MartinMSE_Martin Money Saving ExpertMoneySaving Expert
8.3K posts
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edited 30 November -1 at 1:00AM in Site Feedback
What's this about?

Do you know your SOA from your VAT, or spend long winter evenings pondering the differences between AER and APR?

I want to build a big MoneySaving glossary, containing definitions of terms, abbreviations and MoneySaving slang, as I reckon it would be a useful compendium for newbies and old-timers alike. So to get it going, I thought I’d pick MoneySavers’ brains for the words they'd like to see in there.

What to do

Please click reply to let me know what words, terms or abbreviations you'd like defined.

Please don't be embarassed to make a suggestion if there's a word you're unsure about as it's highly likely another 100 MoneySavers feel the same and they'd really appreciate you making the suggestion :)

Martin

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Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
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Replies

  • Bogof_BabeBogof_Babe Forumite
    10.8K posts
    Looks like everyone already knows everything then :confused: :rotfl: .

    Okay, I have one for you. I've asked on the Savings board about BACS and whether there would be a charge for a certain online account (Skipton, as it happens) for transferring money in and out of the account. As no-one has replied I am now thinking this might not be as straight-forward a question as I thought.

    So - please could you explain how BACS works in your new list. TIA.
    :D I haven't bogged off yet, and I ain't no babe :D

  • jamtart6jamtart6 Forumite
    8.3K posts
    AER and APR are definites that I never understand ...and this hideous word "net" which I never understand either. Net profit vs. what? total profit? completely over my head! Please define!!

    I've recently just had a lesson in mortgage terms too, (thank you pushy mortgage advisor). I now know what a tracker, base rate tracker, capped tracker, variable, fixed and trapper dapper capper are (ok i made the last one up) but for mortgage newbies they are very confusing!

    I'm sure there are loads more I'll have a think! :D

    :ABeing Thrifty Gifty again this year:A

  • I would like to know how interest on loans and such like work. I have tried and tried over the years, but I can't make it out.
  • eddaedda Forumite
    1.1K posts
    500 Posts
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    I keep reading about a bear market

    And what's the difference to a bull market?
  • squeakysqueaky Forumite
    14.1K posts
    I'm a Volunteer Board Guide
    ✭✭✭✭✭
    Or do you man terms like OH, BM, DD...? ***

    SOA got me for a while... it's Statement Of Affairs

    *** Standard abbreviations used on OS

    And this might help too...

    Abbreviations on MSE
    Hi, I'm a Board Guide on the Old Style and the Consumer Rights boards which means I'm a volunteer to help the boards run smoothly and can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of MoneySavingExpert.
    Never ascribe to malice that which is adequately explained by incompetence.
    DTFAC: Y.T.D = £5.20 Apr £0.50
  • ra2000ra2000 Forumite
    11 posts
    edda wrote: »
    I keep reading about a bear market

    And what's the difference to a bull market?

    I can help you on this one : both terms refer to the stock market (ie the dealing in stocks and shares)

    A Bear market is when people are SELLING their shares - basically they fear the market is falling and want to get out quick.

    A Bull market is when people are BUYING shares - basically they feel the shares are undervalued and want to buy in as they see these shares cheap.

    A simple way to think of the difference as they can be confusing is to look at the second letter in each :
    b E ar = s E ll
    b U ll = b U y


    Hope that helps and explains :j
    Coincidence is The Lord's way of remaining anonymous
  • I would like to know more about MVA. (market value adjuster)

    Why with-profit investments supposedly hold back funds to smooth out falls in value, yet slap a MVA on a fund quicker than you can say knife when they do.

    When do they start smoothing and who/what decideds a large fat juicy MVA should be applied to the funds of low risk investments.

    Thanks
  • blue70blue70 Forumite
    59 posts
    Part of the Furniture 10 Posts Combo Breaker
    Bogof_Babe wrote: »
    Looks like everyone already knows everything then :confused: :rotfl: .

    Okay, I have one for you. I've asked on the Savings board about BACS and whether there would be a charge for a certain online account (Skipton, as it happens) for transferring money in and out of the account. As no-one has replied I am now thinking this might not be as straight-forward a question as I thought.

    So - please could you explain how BACS works in your new list. TIA.


    I used to work for a high street bank (A long time ago but I don't think anything has changed)
    BACS stands for Bankers Automated Credit System. Basically it is a system of transfering money from one account to another over a period of 3-5 days, depending on which bank you ask.

    It can be done online by just inputting the Sort code (found on cheque books and statements), name and account number of the payee in your payments section.
    It can be done over the phone if you have telephone banking by giving the same information.
    And if you go into a bank and fill in a credit slip with the payees details and then hand this over the counter with cash or a cheque this also employs the BACS system.

    It's a complete tuck up that the funds take 3-5 days because nothing physically moves. It used to be the case that the credit slip that you paid in at the branch would physically be sent to the payees branch and the credit to their account would be made when it arrived and this would take 3-5 days, but these days it is all done electronically but because your cash is in limbo for those 3-5 days one of the banks earns interest.

    Because of the way the system works there shouldn't be a charge for using this method and if Skipton are charging you I would go into any branch of the payees bank and pay the money in over the counter using a credit slip.
    There is a faster method called CHAPS (Clearing House Automated Payment System) and this does normally incur a charge because the transfer is made the same day (My bank charges £25 per transfer for this). This is obviously for urgent matters Eg House purchase etc.

    Hope that answers your question?
    July 2018 - Now Mortgage Free :)
  • ocsibanocsiban Forumite
    9 posts
    Investment products sometimes mention "leverage" [ pronounced as if in America I think ]
    Is it a variation on "borrowed money " or more complex?
  • HelmacHelmac Forumite
    13 posts
    I wish there was a glossary of terms for electronic equipment - computer/DVD/MP3 etc.

    Also like one of the other people, terms like OH, DD etc!
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