Visa extension on Student visa

[mazdaz]

I'm currently an ACCA student studying since March 2012. I have passed 2 papers per term and have had good progress. However, UKBA has this rule that you can only study a paper three times. I took a paper three times before and only sat the exam this June for it and I think I will fail ( I have never failed any of my other papers)
My university is allowing me to continue because of my good progress but now the visa compliance manager at my uni has said that my visa will not get renewed in December once its expired.
I have found another college who is willing to accept me and take me on, but I don't know if my application will be rejected by home office because I have studied a paper three times.
Can anyone advise please?
Many thanks