I was in a similar sort of situation. When I was about 12 or 13, I went to the doctor about it. I'm not entirely sure what the diagnosis was, so I can't remember exactly how severe my case was. Either way, I had to have an operation for it. It did hurt at the time, and after the wounds had healed, I noticed a considerable difference and I could get it most of the way back. However I got slack and stopped stretching it regularly (which I was told I should do to keep it from tightening) and it became a problem again.
I've since began stretching again, and I think I've managed to get it back most of the way, but I can't fully retract it. I can get most of the way, before it becomes uncomfortable. When not erect it's absolutely fine, but erect I struggle to get it right back. How much of a problem is this?