settlement offer on miss sold life assurance

Sachasheba
Sachasheba Posts: 1 Newbie
We had complaints in for two life assurance policies sold to us in 2001. Told by the complaints manager that if we were successful we'd be refunded all premiums + interest which would equal nearly £20,000.
We've now been made a settlement offer of £3700 + interest. The company claims that if we'd had the correct advice from them and taken out the right policy this us how much we'd be out of pocket.
Never claimed anything miss sold before and in all our researching cannot find this being the way settlement is calculated - it all seems to be around premiums refunded + interest.
Anyone been in a similar position and what did you do?

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