PPI, misold loan, RBS, removing default?

nev5

Advise please??
Hi,
I have posted on another section previously asking questions on how to get back PPI and get out of the mess I am in because of a Miss sold loan and PPI.
Well I'm not out the woods yet but I have had a letter from the bank saying that they are very sorry I was mis sold the loan and PPI, that it was their fault and they have refunded me the PPI with interest and reset my loan to near enough what it started at 3 years ago.
Basically if I pay back what I borrowed they will call it a day without the interest and penaties for not paying.

Sounds all good and fair but its cost me over £2500 over the 3 years paying small ammounts and paying for legal things to get where I am and I have a default on my credit history which shouldnt be there as i have been squeeky clean with all my credit history.
So I think the ammount sould be a fair settlement.

Just to put you in the picture.
I took the loan out over 3 years ago for to set up being self employed as I had the promise of a contract which was really good and would bring in loads of work for me over the years ahead.
So I used the loan for all the things I needed.
All was good for the first 3 months till the company went bankrupt leaving me with no work.
I had been persuaded to take the PPI with my loan as they explained the risks being self employed and it was essential that I took the PPI incase I lost the work and had a gap where I couldnt pay.
Well exactly that happened, lost the work and couldnt pay. First thing I did was call them up explaining the problem and that I would have to miss a few payments till I got a job. I offered to pay extra to catch up etc.
They wouldnt have it and said I would have to contact my PPI company. So I called them only to find I'm not covered due to being self employed (the only reason I took it out).
After I missed 3 payments it went into default and after many calls they wouldnt do anything about it saying if I didnt pay the whloe ammount including the interest and the PPI with interest they would take me to court or get it back in other ways.

After finding out the insurance didnt cover me I asked for a refund as this would cover one of my payments but No refunds !.

So anyway the position I am in now is I need a mortguage and I have a default which is stopping me. the mortgage companys dont want to know why you have the default but just see it and say no.
The default shouldnt be there and there for I need it removing as Its the mistake of the bank as they have already taken responsibility for it.
I have a steady job and have had since the carry on. The loan would have been paid in full now with interest a while ago now if they had been understanding in the first place, I could have even paid it off early but they were so awkward about it and wanted money I didnt owe so there for I didnt pay them anything.
I dont mind paying what I borrowed back now if they are fair about it and get the default removed.
Has anyone got any advise Please !

di3004

Hi there

Just bumping this one up for you, someone should hopefully post in soon, good luck.;)