I have a managed loan!!!! It is without doubt the bain of my entire life!! When I was a student 5 years ago i went overdrawn on my overdraft by £1.18p I subsequently recieved a phonecall from hsbc saying you have to put that money in the account to stop any charges coming my way (did i mention this was at christmas?) So i went to the bank and paid in a tenner and evrything was fine.......or so i thought......... on the 23rd of december I recieve a letter from HSBC demanding the immediate repayment of my overdraft all £2500 of it! I was a student and was immediatly scared by the prospect of having to pay that amount of money back ...1, i didnt have it! 2, my family couldnt help me! I immediatly went to the branch I was with and suddenly I was crying to this complete stranger!!sobbing what am I supposed to do? She then goes on to tell me my next loan payment for university will be siezed from me leaving me unable to pay my rent and university fees. Obviously I couldnt cry anymore because I was in complete shock. As ridiculous as it sounds I am uneducated with money and any sort of bank policies. When the bank representitive eventually told me no need to worry you can pay it back slowly and we wont take you university fees I thought I had died!! or she was at least doing me a massive favour because she felt sorry for me!!(the crying had worked!!) She sold me on this great policy that wont effect me in the slightest all ill be doing is paying back my overdraft early bit by bit (£100 per month! for 25 months to be precise, also according to her this was the smallest amount accepted by the bank for my situation) So i gladly accepted not fully understaning what i was getting my self into. So i ran into trouble with this stupid loan 2 years in and was forced to reduce my payments due to charges being applied and what not. And now 5 years on I am still paying it off. So far I have that calculated I have paid HSBC around £6000. Can someone tell me if thye think this is fair? I certainly dont, at one point I was averaging £100 of charges per month for this thing that I should not have! I also found out from my friend who recently took a job with HSBC that a managed loan is a very english way of saying BANKRUPT! Somebody please give me a solution! this is 5 years of worry pain and stress that i could have done without.