BIT OF CHIN-WAGGING is a British phrase used to describe an informal conversation between two or more people. It is derived from the words 'CHIN' and 'WAG', which mean to talk or converse. The term can be used to describe any type of casual conversation, whether it be about current events, gossip, or just catching up with friends. The crossword solution for this term is CHAT, which is a four letter word that means to talk or converse.