Legal status
Your legal status can refer to whether you:
are married, single, divorced, widowed or separated
are a citizen of the UK or
have a right to work in this country.

Life insurance
This type of insurance pays out a lump sum to your family if you die. You must have life insurance if, for example, you are paying an interest-only mortgage. If you die before you have paid the mortgage off, the insurer will pay it off with a lump sum. You can insure for more than the cost of the mortgage to make sure that your family has some money to live on as well.

Loan
This is a sum of money which you borrow. Usually you have to pay interest on the loan.

Loan shark
This is someone who lends money and charges a very high rate of interest. They do not hold a consumer credit licence so they are working illegally.

Loyalty cards
Loyalty cards are offered by some shops and supermarkets to encourage people to shop there. You cannot usually use your loyalty card to pay for anything, but every time you spend money at that shop you will be given 'points' on your card. When you have saved enough points, you may be able to use them to help pay for your shopping, or perhaps other things such as air miles.

Lump sum
A lump sum is a one-off payment. Some people have insurance policies that pay a lump sum if they have an accident or are ill. Other people prefer to have a policy that pays a regular income over a long period of time.

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Maximum withdrawal
Most cash machines check your bank account before giving you any money and will not give you more than there is in your account. Also there is sometimes a limit on how much you can withdraw every day.

Minimum payment
Credit or store card statements tell you your minimum payment. This is the smallest amount you must pay off your debt that month.

Mortgage
A mortgage is a loan taken out to buy property, for example, a house. If you do not keep up the mortgage repayments the mortgage company who lent you the money can repossess (take over) your house. A mortgage is a 'secured loan'. This means the loan is secure for the mortgage company because they cannot lose money on it. They get the value of your house if you don't pay back the loan.

Motor insurance
There are two types of motor insurance. Third-party insurance is the minimum insurance cover you need if you drive a car on public roads. You may prefer to take out a comprehensive policy for your car.

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National Insurance
If you work you must pay National Insurance. It is a form of taxation that will be taken off your pay before you get it. You usually need to pay National Insurance before you can claim certain social security benefits, including the State Pension when you retire. You should have a plastic National Insurance card with your National Insurance number on it. If you haven't got one, you should ask your nearest Social Security office for one.

Net income
Your net income is the total you earn in a week, month or year after any deductions for tax and National Insurance.

Net interest
This is interest which has already had the tax taken off it.

Net pay
This is the pay you actually get. All the deductions such as tax and National Insurance have been taken off before you get it.

New Deal for lone parents
The New Deal for lone parents is a special scheme that helps single parents get back to work if they want to. If you want to get a qualification to help you find work, this scheme may offer you help with childcare costs while you are studying. You can find out more about the New Deal for lone parents from your local job centre.

Non-priority debts
These are less-important debts. The people you owe the money to can take you to court to make you pay but they cannot take any other action (such as cutting off your gas or electricity or repossessing your home).

Notice
If you have a deposit account, this is the time you must wait to get your money after telling your bank or building society that you want to take it out. If you do not wait this time, you can have your money but you could lose some of the interest on your account.

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Occupational pension
This is the pension you will receive if you join your employer's pension scheme. You may have to make payments towards the pension. The pension you get may depend on how long you have worked for a company and how much your final salary is. Or, you may have a cash fund to buy an annuity - a special type of investment which will pay you a regular sum for the rest of your life.

Office use only
If you see this on part of a form, you don't have to fill in that part. The people you are sending the form to will fill it in themselves.

Overdraft
If you spend more money than you have in your current account you will have an overdraft. Before you spend more than you have got, you can ask the bank if they can arrange to lend you some money for a short time. This is known as an arranged overdraft and you pay an agreed rate of interest on the overdraft (the amount you owe). If you go overdrawn without asking the bank first, they might refuse to pay any cheques you write and charge you a high interest rate on the money that you owe them.