Regulation 4 Repayments by overseas borrowers: new fixed instalment rate for plan 1 loans

(1)

The 2009 Regulations are amended as follows.

(2)

For regulation 74(3)^f1 (fixed instalment rate), substitute—

“(3)

The fixed instalment rate for a plan 1, 2, 3 or 5 loan is calculated in accordance with regulation 74A.”.

(3)

In regulation 74A^f2 (how to calculate fixed instalment rate)—

(a)

in paragraph (1) for “plan 2” substitute “plan 1, 2”;

(b)

in paragraph (2) for “plan 2” substitute “plan 1, 2”;

(c)

after paragraph (3), in the Example, for “applicable to plan 2” substitute “applicable to plan 1, 2”.

Annotations

f1: Regulation 74(3) was inserted by S.I. 2022/1335.
f2: Regulation 74A was inserted by S.I. 2022/1335 and amended by S.I. 2023/521.