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Glossary

 

account number

If you have an account with, for example, a bank or electricity company then it will have an account number. Each account has its own account number. If you contact the company they will normally ask for your account number, to help them find your records.

advocate

Someone who helps other people with important decisions to do with money and law. You may need an advocate if you have problems like a learning difficulty, illness or relationship difficulty.

anti-spyware software

Spyware is software that someone else has put on your computer without your consent to collect little bits of information about you and what you do. Anti-spyware software stops spyware getting into your computer. Anti-spyware software is often included with anti-virus software.

anti-virus software

Viruses are software that is harms to your computer. Anti-virus software stops viruses getting into your computer from the internet and from emails.

APR

APR means 'annual percentage rate'. It is the yearly cost of a loan, including interest and fees, written as a percentage. By looking at different APRs it is easy to compare the cost of borrowing. You can also use APR to compare the interest being offered on different types of savings account.

bailiff

A person who tries to collect money that someone has borrowed but not paid back. A bailiff can take away someones's possessions to pay for a debt if the court says they can.

balance

The balance of an account is the amount that is in the account. It is the amount left over when money has been added and taken away from the account. After every transaction you have a new balance.

bank statement

A monthly report sent to someone who has a bank account, showing what money has been added and taken away from the account during the month. It is a list of transactions and shows the balance.

basic bank account

a basic bank account is the simplest sort of bank account. You can pay money into the account (eg benefits, wages and tax credits) and you can get money out of the account from cash machines using a cash card. You cannot go overdrawn with a basic bank account and you do not get a cheque book with a basic bank account.

benefits

Money paid to you by the government to help you with living. There are around 40 different kinds of benefits, each with its own name. The three most common benefits claimed by people with autism are called Disability Living Allowance, Employment and Support Allowance, and Incapacity Benefit. Benefits are either paid every week, every two weeks, or every four weeks.

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This site was originally commissioned by the
Consumer Financial Education Body (CFEB)
which was established by the Financial Services Authority in 2010.