In reply to Dave 88:
Examples of qualifications at the different levels: Level 2 is GCSEs and equivalent, Level 3 is A levels, BTEC/CACHE Diplomas and Access courses, Levels 4/5/6 are Years 1,2,3 of a typical honours degree, while 4/5 would be an HND or Foundation Degree and Level 7 is Masters, as far as I understand it.
At any HE level, 120 credits is gained for one year of full-time study. Hence, you can study at Masters level, but not get a full Masters if you don't complete the required number of credits at that level. Nothing wrong with that if you get a subsidiary qualification out of it or can later top it up to get the actual Masters.