18.—(1) In the heading to regulation 18A, after “repayment” insert “: more than one loan”.
(2) For regulation 18A(1) and (1A) substitute—
“(1) This regulation applies if—
(a)a borrower has a combination of plan 1, 2, 4 or 5 loans(1),
(b)the borrower is required to repay two or more of the loans,
(c)the loans have different repayment thresholds, and
(d)the Authority receives a repayment other than a direct payment.
(1A) The Authority must reduce the outstanding balance of the loans by—
(a)in the case of the loan with the highest repayment threshold, the total amount due in respect of that loan, and
(b)in the case of every other loan, the amount due in respect of each loan less the amount due in respect of the loan (or loans) with a higher repayment threshold.”.
(3) Omit regulation 18(1B) and (1C).
(4) In regulation 18A(2)—
(a)for “to (1C)” substitute “and (1A)”;
(b)omit “in regulation 29(7), 29(8) and 29(8B)”.
The repayment of a plan 3 loan is additional to, and concurrent with, the repayment of a plan 1, 2, 4 or 5 loan (see regulation 29(3A), 44(2A) or 75(4A)).