Axa Sunlife

myrtle_2

wahey, had the full refund and 1% letter...

so what did you say when rejecting this offer nd how much did you end up with percentage wise?

ta

Ellieseleven

Thanks for the reply ReportInvestor - I will wait for the reply from Axa and post the details on this thread. I won't do anything until then

DavidPeakeweb

I have to honestly say I was shocked when I read that, I started a policy in 1999, but as I was only 16 my mum started it and I paid for it.

I was only on a modern apprenticeship, but decided I would save the maximum amount, so I knew I would save for the future.

I started at £50 pm, going up by £10 until it was £100. I was thinking of surrendering last year, but they offered a loan instead, which, now being a student, and only working part time, wanting to have more holidays and a new car, thought was a good idea.

I'm now unsure of the whole thing, and would be very grateful, if, having found the details later tonight, someone could give me some much needed advice.

I wish I found this site a few years ago!!

ReportInvestor

Hi David and welcome to the site .

I just wish the circumstances had been different .

So that you are sure about your decision [after all it involves pots of your hard saved money ]

Ask Axa for

a) your current surrender value
b) your projected return if the underlying fund grows by 4% & 8% from today.

Then let us now your monthly start date and whether you took half your year 1 premiums as cash.

And we can give you some info on which you can base your future decisions.

DavidPeakeweb wrote:

I was thinking of surrendering last year, but they offered a loan instead

I have no printable words capable of describing this behaviour . They were planning to profit from your failed savings policy AND a loan to make up for their own failure :eek: ?

P.S. Check your PMs (private messages) in the top right of your screen.

P.P.S. Don't blame your mum, blame Axa & Carol Smillie.

DavidPeakeweb

Thanks for that ReportInvestor, I'll get the info and post it.

I want to point out, as I may not have explained very well, the loan was basically, against what was currently in my 'pot', so I took a loan (my own money really, I suppose), and have to pay an interest charge against it.

For that AXA still asume I have the full amount in the 'pot', in order to pay bonuses and such like on that amount, and only take the value of the loan out on maturity.

I'll get all the details, and post everything, so you can all help, I never thought I would learn so much from reading other peoples problems.

Thanks

ReportInvestor

Good news for those planning to beat Axa's "performance" via the tax free cash ISA route.

New Labour plans to continue ISAs after 2010 - MSE link

And there's no way the Conservatives would abolish/reduce the tax free limits - although they might alter the format of the savings vehicle.

myrtle_2

sorry to be a pain about this, I've been reading back but can't find the info I thought was there, did someone write back and say they did not want to accept 1% interest with their full refund?....or did I get this wrong and I should accept 1%?

I am happy to be getting a full refund with 1% mind you......

Ellieseleven

I have now had a reply back from Axa after I asked for the surrender value on my policy. I also asked what the projected return would be based on 4% & 6% but they have ignored that completely. The letter contains a surrender value of £4814.37 plus £255 bonuses and a sheet warning me that surrendering the policy should be my last resort. It gives me alternatives to surrendering the policy such as taking out a loan against the amount in my 'pot', selling the policy on, taking a premium payment holiday or stoping payments and making the policy paid up.

I started paying into this policy in Feb 1998, my starting amount was £30 which has now risen to £60 per month. I did take the 50% cashback after the first 12 months (£180)

I have paid in to date £5280 and accrued bonuses of £1345.77 - the 2005 bonus was 98.37

I have a guaranteed minimum sum of £6622 and life cover of £7290

On the original illustration it shows projected growth at 5% 12,200 at 7% 13,200 and at 10% 14,500

My terminal bonus shows a return of 70% on the 2005 bonus statement

So looking at this it would appear that I will get back less than I have paid in if I surrender this now and I value any advice offered in regard to this policy. I am very tempted to surrender and re-invest but is this the best thing to do?

chinagirl

I just want to say, have just had my surrender value amount paid directly into my specified bank account, all within 3 weeks of phoning up to ask about a refund! In actual fact, as I recall, I received my surrender claim form the day after I made the call.
Just pleased I happened upon this thread, or else I would still be paying it. Am looking into alternative life policies at moment. Anyone care to recommend?

ReportInvestor

Thanks for the update, cg.

If you mean Term Life Insurance then check out the rates

here on Money£acts

I wouldn't invest in a Life Policy but would make a mental note to keep Life assurance and investments separate in future so that the insurers can't rip you off.

You can then shop around for the best deals in the two separate areas (Term Assurance has become very cheap since we are living longer).

Re myrtle's post - Anyone ask Axa for more than the premiums plus 1% that they have offered the fortunate 2002-4 brigade?

To Ellie
Ask them again for the performance projects in a separate letter.