When we talk about credit what we are really talking about is that arrangement whereby you can acquire money, goods and services and agree to make repayment at some time in the future. There are a number of different types of credit available here are a few:

Hire purchase. This is often used to purchase furniture and motor vehicles. With this credit arrangement you will be able to take possession of an asset and use it as if it was yours while making monthly payments to the company that gave you the credit facility. Often these companies will ask for a down payment of a certain percentage of the overall cost of the asset.

Credit cards. These are widely accepted worldwide by most businesses. They allow you to use credit up to a certain amount and you repay your balance at a future date.
Interest free credit. Generally offered by stores, this kind of credit allows you to take goods and services up to a certain limit and make repayment without being charged interest.

The most important thing about credit is that it must be repaid and there is usually a penalty if it is not done on time.

IVA is short for Individual Voluntary Arrangement , it is a service supported by Government and it is meant to help people become debt free.Those who choose IVA services are protected from any legal actionby the lender.