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Lord McAlpine said being wrongly implicated "gets into your bones ... it makes you angry"
Tory peer Lord McAlpine has spoken of his anger after a BBC Newsnight report led to him being wrongly implicated in child abuse allegations.
The former Conservative party treasurer told BBC Radio 4's The World at One he should have been contacted beforehand.
He said about being wrongly under suspicion: "You just think there's something wrong with the world."
Some of those involved in deciding to run the report on care homes in north Wales face disciplinary measures.
Although Lord McAlpine was not named by Newsnight, the report led to a flood of accusations about him on the internet.
'Extremely bad'Speaking to the World at One, he said: "Of course they [the BBC] should have called me and I would have told them exactly what they learnt later on."
He continued: "That it was complete rubbish and that I'd only ever been to Wrexham once in my life. They could have saved themselves a lot of agonising and money, actually, if they'd just made that telephone call."
- Operation Yewtree: Scotland Yard criminal investigation into claims that Jimmy Savile sexually abused young people
- BBC investigation into management failures over the dropping of a Newsnight report into the Savile allegations
- BBC investigation into culture and practices during Savile's career and current policies
- BBC investigation into handling of past sexual harassment claims
- Department of Health investigation into Savile's appointment to Broadmoor "taskforce" and his activities at Broadmoor, Stoke Mandeville Hospital and Leeds General Infirmary
- Director of Public Prosecutions review into decisions not to prosecute Savile in 2009
- North Wales abuse inquiry by National Crime Agency head into abuse claims from 70s and 80s, fresh claims, and police handling of the claims
- Mrs Justice Macur appointed by PM to review the 2000 Waterhouse review which looked into the north Wales abuse
- BBC Scotland director Ken MacQuarrie into what happened with the Newsnight investigation into north Wales abuse claims
The peer was asked about London Mayor Boris Johnson's comment that to call someone a paedophile was to "consign them to the lowest circle of hell - and while they're still alive".
He replied: "Absolutely. I think it describes pretty much what happened to me in the first few days of this event.
"It gets into your bones. It gets into, it makes you angry. And that's extremely bad for you to be angry. And it gets into your soul and you just think there's something wrong with the world."
Lord McAlpine's solicitor Andrew Reid said he was hopeful an agreement would be reached with the BBC on Thursday - but that his client was aware that any payment would ultimately come from licence fee payers.
A statement from the BBC said: "We share Lord McAlpine's view and we hope to reach a conclusion today."
Mr Reid also appealed to all those who had named Lord McAlpine on the social media site Twitter to come forward. He said some prominent people had already apologised, but others had not.
He told the World at One: "What we're basically saying to people is, look, we know - in inverted commas - who you are, we know exactly the extent of what you've done. And it's easier to come forward and see us and apologise and arrange to settle with us because, in the long run, this is the cheapest and best way to bring this matter to an end."
Acting director general Tim Davie took charge of the BBC following the resignation of George Entwistle in the wake of the Newsnight broadcast.
Mr Davie has vowed to "get a grip of the situation".
An inquiry into the Newsnight broadcast - conducted by Ken MacQuarrie, director of BBC Scotland - has identified "unacceptable" failings and said basic journalistic checks were not completed.
A summary of the findings has been released by the corporation, which said the full report would be issued after the completion of disciplinary proceedings.
It added that "there was a different understanding by the key parties about where the responsibility lay for the final editorial sign off for the story on the day".
The head of BBC Northern Ireland, Peter Johnston, said he had a role in the decision-making of the Newsnight report but was not considering his position.
A BBC spokesman confirmed Mr Johnston's involvement "in decisions about the BBC Newsnight report".
Three Conservative MPs called for funding to be withdrawn from the Bureau of Investigative Journalism (BIJ) which was involved in the Newsnight investigation into the historical north Wales child abuse allegations.
Chain of commandMr Entwistle resigned after eight weeks as BBC director general, following the Newsnight report.
The BBC's director of news, Helen Boaden, and her deputy, Steve Mitchell, have been asked to "step aside" pending an internal review into the way abuse claims about Jimmy Savile were handled.
The corporation said it found that neither Ms Boaden nor her deputy Mr Mitchell "had anything at all to do with the failed Newsnight investigation into Lord McAlpine".
But they were in the chain of command at the time Newsnight dropped an earlier investigation into abuse claims against former BBC presenter Jimmy Savile.
The BBC said once the review is completed by former Sky News head Nick Pollard, Ms Boaden and Mr Mitchell "expect to then return to their positions".
The full interview with Lord McAlpine will be broadcast on the World at One on BBC Radio 4 from 13:00 GMT. Or listen again on iPlayer Radio.
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