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  • FIRST POST
    • MSE Martin
    • By MSE Martin 24th Mar 08, 6:25 PM
    • 8,111Posts
    • 42,248Thanks
    MSE Martin
    Great 'What Terms Don't You Know?' Hunt
    • #1
    • 24th Mar 08, 6:25 PM
    Great 'What Terms Don't You Know?' Hunt 24th Mar 08 at 6:25 PM
    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

    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by Former MSE Wendy; 25-03-2008 at 7:07 PM.
    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.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
Page 1
    • Bogof_Babe
    • By Bogof_Babe 25th Mar 08, 6:56 PM
    • 10,161 Posts
    • 16,593 Thanks
    Bogof_Babe
    • #2
    • 25th Mar 08, 6:56 PM
    • #2
    • 25th Mar 08, 6:56 PM
    Looks like everyone already knows everything then :confused: .

    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 haven't bogged off yet, and I ain't no babe


    • jamtart6
    • By jamtart6 25th Mar 08, 9:45 PM
    • 8,650 Posts
    • 25,443 Thanks
    jamtart6
    • #3
    • 25th Mar 08, 9:45 PM
    • #3
    • 25th Mar 08, 9:45 PM
    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!

    Being Thrifty Gifty again this year


  • katrina24
    • #4
    • 26th Mar 08, 8:21 AM
    • #4
    • 26th Mar 08, 8:21 AM
    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.
  • edda
    • #5
    • 26th Mar 08, 9:33 AM
    Stock market speak
    • #5
    • 26th Mar 08, 9:33 AM
    I keep reading about a bear market

    And what's the difference to a bull market?
    • squeaky
    • By squeaky 26th Mar 08, 10:11 AM
    • 13,808 Posts
    • 15,843 Thanks
    squeaky
    • #6
    • 26th Mar 08, 10:11 AM
    • #6
    • 26th Mar 08, 10:11 AM
    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 forumteam@moneysavingexpert.com. 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
    • ra2000
    • By ra2000 26th Mar 08, 10:37 AM
    • 11 Posts
    • 7 Thanks
    ra2000
    • #7
    • 26th Mar 08, 10:37 AM
    Bulls & Bears
    • #7
    • 26th Mar 08, 10:37 AM
    I keep reading about a bear market

    And what's the difference to a bull market?
    Originally posted by edda
    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
    Coincidence is The Lord's way of remaining anonymous
  • Candy Lane
    • #8
    • 26th Mar 08, 3:40 PM
    • #8
    • 26th Mar 08, 3:40 PM
    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
    • blue70
    • By blue70 26th Mar 08, 4:13 PM
    • 56 Posts
    • 19 Thanks
    blue70
    • #9
    • 26th Mar 08, 4:13 PM
    Bacs
    • #9
    • 26th Mar 08, 4:13 PM
    Looks like everyone already knows everything then :confused: .

    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.
    Originally posted by Bogof_Babe

    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?
    On track to being Mortgage free by 2017 now 2018
  • ocsiban
    Whats this about
    Investment products sometimes mention "leverage" [ pronounced as if in America I think ]
    Is it a variation on "borrowed money " or more complex?
    • Helmac
    • By Helmac 26th Mar 08, 10:54 PM
    • 13 Posts
    • 0 Thanks
    Helmac
    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!
  • melancholly
    i think it might help to have the difference between unlawful and illegal defined (as far as reclaiming charged goes) - just because it can be a flash point for arguements if the wrong one is used and although i have a feel for it, i don't think i could put in one sentence how they're different.
    • leaphaze
    • By leaphaze 27th Mar 08, 1:45 PM
    • 343 Posts
    • 153 Thanks
    leaphaze
    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
    Originally posted by ra2000
    Interesting way to remember.

    What I want to know is where these terms originated - and why?
    Wearing my other one today.
  • Bokkens
    'What Terms Don't You Know?' by definition people won't know the terms that they don't know.
    Here is a few I hope they will help others understand their circumstances.

    Actuaries,Adverse Selection,AER,APR,Annuity,Asset allocation decisions,Assets,Asymmetric information,Bankruptcy,Bear market,Black monday,Bond,Bridging loan,Broker,Budget,Bull martket,Capital gains tax,Cash flow statement,CSA,Compounding,Conspicuous consumption,consumer society,Consumer soverignty,Co-operative,Council tax,Credit,Credit crunch,Current asset ratio,Cyclical,Debt,Debtor,Defined benefit,Dependant child,Diversification,Dividends,Economies of scale,Equity release scheme,Equity withdrawal,Equity,Equivalised,Ethical investment,EEA,Excess,Financial balance sheet,Financial constraint,Financial exclusion,Financial intermediaries,Fixed cost,Flat rate,Friendly societies,Funded scheme,Gilts,Graduate earning premium,GDP,Gross income,Heuristics,HMCR,Housing associations,Household reference person,,Household saving ratio,Human capital,Income tax,Income,IFAs,Independant risks,ISAs,Inflation,Informal economy,Inheritance tax,Insolvency,IPT,Insurance,Interest rate,Interest,Interest only mortgage,Intestate,joint tenants,KFI,Liability,Liberalisation,Liquid assets,LTV,Market timing,Means tested,Mis-selling,Moral hazard(Ins),MIG,Mortgage,National insurance(NI),Negative equity,Net income,Net savings,Net worth,Occupation,Occupational pension,Opportunity cost,Other things being equal,Overdraft,Owner occupation,Paid employment,Pension,PAYG pension scheme,Pensioner,Peril,Personal pension,Portfolio,Pound cost averaging,Premium bonds,Prime market,Prime lenders,Principle sum,Private pension,Probability,Productivity,Progressive tax,Pure risk,Recession,Redistribution of income,Registered civil partner,Register social landlords(RSL's),Renting,Repayment mortgage,retirment,Right to buy,Risk society,Risk,Risk aversion,Savings,Secured debt,Self insurance,Shares,Small print,Social class,Social norms,Social status,Stamp duty,Standard of living,State additional pension,State pension age,State pension,Status symbol,Stock market,Stock market crash,Sub prime,Symbolic consumption,Tennants in common,Term,Time preference,Trade off,Transferable skills,Trusts,Uncertainty,Un skilled,Unit trusts,Unpaid work,Unsecured debt,Utmost good faith(insurance),Welfare state,Working life,Write off,
    That's it my head aches.
    Last edited by Bokkens; 27-03-2008 at 2:55 PM.
    Previously known as Bokken,registered at MSE in Nov 04,computer glich deleted my access but it is fun building up my stars from scratch,again.
  • Edinburghlass
    i think it might help to have the difference between unlawful and illegal defined (as far as reclaiming charged goes) - just because it can be a flash point for arguements if the wrong one is used and although i have a feel for it, i don't think i could put in one sentence how they're different.
    Originally posted by melancholly
    I thought I would consult the "oracle" Martin and had a read through his articles but he is just as confusing

    The way I view it is the amount charged by banks is unlawful but charging is not illegal :confused:
    Martin has asked me to tell you that I'm the Board Guide of the Telephones, Reclaim Bank Charges, Silver Savers and Scotland boards which means I'm a volunteer to help the boards run smoothly and I can move and merge threads there. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com. Board guides don't deal with this. Any views are mine and not the official line of MoneySavingExpert.
  • Bokkens
    i think it might help to have the difference between unlawful and illegal defined (as far as reclaiming charged goes) - just because it can be a flash point for arguements if the wrong one is used and although i have a feel for it, i don't think i could put in one sentence how they're different.
    Originally posted by melancholly
    They aren't different they both mean the same a breaking of a law or accepted rule.
    Collins dictionary states;
    1/Forbidden by law,unlawfal,illicit.
    2/Unauthorised or prohibited by a code of official or accepted rules.
    Previously known as Bokken,registered at MSE in Nov 04,computer glich deleted my access but it is fun building up my stars from scratch,again.
    • MSE Martin
    • By MSE Martin 27th Mar 08, 9:32 PM
    • 8,111 Posts
    • 42,248 Thanks
    MSE Martin
    Just to quickly say the difference beween unlawful and illegal in common parlence is

    Unlawful applies to civil offences
    Illegal criminal ones.

    Thus you can unlawfully break a contract but it isn't a crime so its not illegal

    martin
    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.

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • nelly
    I dont know what your eventual plan for this post is, but, it should end up in a prominant position on the front page as a thread so anyone who comes up with a new one can post it.

    and have a dedicated member of the crew check the thread once a day-ish (when I say dedicated I mean if its one person, they will know if SOA has been mentioned again so they can ignore it if they know its allready there) we all know people just post stuff without searching first.
    • horsewidow
    • By horsewidow 28th Mar 08, 5:52 PM
    • 57 Posts
    • 25 Thanks
    horsewidow
    Unlawful vs Illegal
    Its easy actually.
    Unlawful is against the law, as in law of the land
    Illegal is a sick bird of prey.

    Hope this clears things up.
    • DdraigGoch
    • By DdraigGoch 4th Apr 08, 4:22 PM
    • 715 Posts
    • 3,996 Thanks
    DdraigGoch
    Please can someone explain what the AQA stands for - it seems to be an income of some sort, but I really can't work it out!

    Thanks in advance
    DG
    If you see me on here - shout at me to get off and go and get something useful done!!
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