Axa Sunlife

ReportInvestor

chatty123 wrote:

." following our financial reorganisation in 2001 we introduced reorganisation bonuses.We may pay these to you if you had an AXA Sun Life plan before 1 April 2001. We may add these bonuses to the value of your plan if you die or when your policy matures or is cashed in.Any reorganisation bonus will be payable as a percentage of the reversionary and interim bonuses. What you would get back depends on what we call the "term gone" which is the number of years your plan has been with the With Profits Fund. First you take the year you cashed in,then you take away the year of your entry into the with profits fund. So, if you started in 1999 and you cashed in your plan this year, the "term gone" would be 7 years.We pay reorganisation bonuses independently of any terminal bonuses that we may pay on your plan.

So that's clear then

I'd love to see Bird & Fortune do an interview sketch with a with profits fund provider. It would be a scream.

chatty123

that would at least put a smile back on our faces.
also may i tell you that as of 2005 my bonuses earned to date were £1157 and £244 but i am offered only £179 and £34..by surrendering now. they say i will only get the full bonus and the reorganisation bonus on maturity at the end of 15 years. Do they really think we will continue paying into this scam until 2013 and 2015..
personally i would rather loose nearly £2000 now rather than much more at a later date.
I much prefer to see my money grow slowly but at least know i will not loose anything.

ReportInvestor

These "reorganisation bonuses" are 15% of what?

Sum assured? [I assume]
Bonuses already earned to 2001?

Are they saying that these won't count at all towards any early surrender? That's just awful .

chatty123

i have no idea what they intended on paying the percentage on. i have recalled them yet again today and once again asked a so called supervisor why i am not entitled to the reorganisation bonus when it cleary states "cashed in". Their reply was that it also say "MAY".
so once again they are either misleading or plainly ripping people off. I do not know anything about where we would stand legally but i do presume that they would have their backs covered by quoting MAY. .AS THIS POINT HAS NOT BEEN MENTIONED IN ANY PREVIOUS AXA POSTS I JUST WONDERED IF ANYBODY ELSE HAS READ THE SMALL PRINT ON THEIR BONUS CERTIFICATES,.

Lovingitifitsabargain

BONJOEY wrote:

im still waiting lol xx
just thought id bump the post to see if anyone else had heard anything

I sent my signed letter a week ago not had anything back as yet ? what bout You ???

ReportInvestor

:idea: If you look further up the page :idea:, you'll see the answer.

I've just noticed another priceless gem from Willie.

I asked why I was getting so little back compared to what I had invested, and she said it was just the way the endowment policy works.

Brilliant. You ought to be a journalist, Willie, to coax these nuggets from the horse's mouth.

Suggestion. Apart from the humour, these phone calls seem to be a waste of time and money? Perhaps it's better just to write to Axa? At least then you've got an authoritative statement on which to base your actions.

justmarried06

Pants, now I feel really daft having taken out one of these policies in (I think) June 2001. I started off paying £30 a month which has gone up by £6 a month so now I'm up to £54.

I didn't receive any money back in my first year though so does that mean its different? I was very naive at the time I think and certainly haven't done myself any favours - am at work at the mo but would really like to give Axa a call to see how much I'd get if I surrendered - don't suppose anyone has the number handy? I've done a search on Google but its coming up with a Bristol phone number which I don't think is India......!

thanks

JM

ReportInvestor

Hi jm.

It will be up to £60 if you started in June01 as you move to x2 the original stake after the first 5 years are up.

Marriage is much better than an Axa policy. I hope you keep a smile on your face .

In your case, with debts outstanding, it's a pretty clear decision.

Close the Axa policy and put the (pathetically small) surrender value and your £60 monthly premiums towards clearing your debts. That achieves a much higher return for you than savings in the long term.

You may feel, initially that you have lost money, but helping to pay off your debts earlier will save you far more . Your Axa policy would have grown much less quickly than your debts.

HTH

justmarried06

Well, that was easier than expected!! Admittedly I've lost around £800 on what I've paid in but have agreed to their settlement figure of £1274. Every little helps at the moment and at least it'll free up £50 a month I'm currently paying them to go towards my card debt - a much better use as you say ReportInvestor!!

Thanks for your help on this am sure I'll be around on these boards for help and advice much more going forwards!!!!;)

JM

BONJOEY

Lovingitifitsabargain wrote:

I sent my signed letter a week ago not had anything back as yet ? what bout You ???

hi it took one week for then to say they had recieved my complaint, then 5 weeks later just to saying there looking into it, fingers crossed ill hear something soon x


my complaint will be a lot harder , as you took out your policy between 2002-2004 so yours will be straight forward x