Debit
When money is taken out of an account, it is 'debited from' that account.

Debit card
You can use debit cards to pay for many things without using cash or a cheque. You can also use some debit cards in cash machines to take money out of your bank account, and to guarantee cheques. (If you use your card to guarantee a cheque, the person you pay your cheque to knows they will get the money from your bank.) When you make a payment or withdraw cash with your debit card, the money is taken straight out of your account. You cannot borrow money on a debit card. It is useful when you are paying in shops, shopping by phone or buying on the Internet.

Debt
If you are in debt you owe money to someone, for example, a bank.

Debtor
A person who owes money is called a 'debtor'.

Defaulted
If you do not make payments when you should, or if you do not pay off a debt, you have 'defaulted' on the payments.

Dependants
People who are financially dependent on you are your dependants. This is usually children who live with you, but it could be elderly relatives or someone you care for.

Deposit
This is an amount of money you pay as a first instalment on goods you want to buy. You may need to pay a deposit when getting goods on credit.

Deposit accounts
These are used for saving money because they pay higher interest rates than current accounts. You don't have a cheque book or debit card with a deposit account and you can't use them to pay direct debits or standing orders.

Direct debits
You can use direct debits to pay bills such as phone bills, and other amounts such as credit card repayments, automatically from your current account. You tell the bank to set up the payments and the company you are paying will tell you how much they will be taking from your account and the date they will be taking it. Direct debits are a good way of making sure you don't miss any payments and some companies will reduce your bill if you pay this way.

Discount
This is money which is taken off the price of something. You may need to collect coupons or vouchers before you can claim the discount. Sometimes shops give a discount to their employees

Driving licences
You get a full driving licence when you pass your driving test. All new licences carry your photo, to help prevent crime. If you have an old-style licence without a photograph, you can apply to the DVLA or get a form from the post office to get one in the new format. If you lose your driving licence or it is stolen, you should report it to the police.

E

Electoral roll
This is a list of the names and addresses of people over 18 in the UK. You must register to be on the electoral roll by law. When your name is on the roll, you can vote in elections. The electoral roll is checked when you make an application for credit.

Employee NIC
(see National insurance)

Estimate
An estimate is a guess at the cost of something. An electricity or gas company will work out an estimate for your bill based on how much electricity or gas you used at this time of year in the past. Look at the 'meter readings present' column on one of your bills. If it has an 'E' before the number, the figure on this bill is an estimate. There will usually also be some information on the bill telling you whether your bill has been estimated.

Excess
If you make a claim on an insurance policy, the insurance company may ask you to pay the first £50 (or other amount) of the cost of the claim. The amount they ask you to pay is the 'excess'. The insurer will then pay the rest of the claim or replace the goods you are claiming for.

Exclusions
Almost all insurance policies have exclusions. These are events or possessions that are not covered by the policy.

Expenditure
Your expenditure is the money you spend. It includes things like:
rent or mortgage
food
water, gas and electricity
phone
transport
Council Tax
childcare
television licence
mobile phone o catalogue repayments
clothes and shoes
household items
loans and credit card repayments
car tax
Car insurance
household insurance
drink and cigarettes
other expenses

Expiry date
This is the date your credit or debit card ends. It is clearly shown on the card. You cannot use the card after this date.

F

Fee
This is a sum of money you pay to have a loan or credit arranged for you, for example.

Finance companies
These companies make money by lending to people who want to buy goods on credit. Most shops use finance companies for their credit deals.

Financial adviser
This can be an individual or firm that can: 

work out your financial needs
recommend suitable products and
arrange for you to buy or invest in these products.
Some advisers can also manage investments for you. An adviser must be authorised by the Financial Services Authority (FSA) and they have to work to strict rules.

Financial records
These are any records to do with money and will include statements, bills, receipts and so on.

Financial situation
Your financial situation refers to: 

how much money you receive in wages or benefits (or both)
how much money you have saved up
how much money you owe and
any financial arrangements you have made for the future, such as a pension.

Fixed interest rate
Interest rates can go up and down. A fixed interest rate account means that you are guaranteed that the interest you get will stay the same.

Free buffer zone
(see Buffer zone)