I took out a managed loan 2 years ago when i was in dire difficulty and it was the only option avaliable to me to stop my accounts being passed to debt collectors. I could not get any credit scored lending elsewhere. They assessed my affordibilty and set me up on a minimum monthly repayment that i could afford. Two years down the line my situation has now improved so i am making larger paymts every month to get it paid off asap. The interest is charged monthly on the balance outstanding so the more i pay, the lesser the interest applied. There is no penalty for over payments so i suggest you all try to pay this loan asap. The interest rate is high, and when i questioned this was informed it was due to high risk lending. However i am grateful as the low repayments helped me get my finances back on track.