Axa Sunlife

dunstonh

Elsie2 wrote:

Hi there I also have a bonus cash builder plan. I am considering cashing it in but after getting a figure from them, i'm really annoyed.
My initial payments were £20pm, i've had it 4 years and am currently paying £34pm.
Guaranteed cash sum is £4428. 4% £7140. 6% £8050. 8% £9050.
I've currently paid in £992 and their offering £377.
HELP!!!!!!!!

Not much help we can give. When you bought this 4 years ago it was already nearly 10 years obsolete with far better alternatives. Advisers had mostly stopped by 1998 with only the direct sales where "no salesman will call" that still offered them. No "salesman" will call because the product was awful and you just couldnt justify it. However, if you buy it yourself, you dont have the same level of consumer protection.

The AXA PPFM gives little hope for rising bonuses and the penalties are high in the early years. It does say that in the contract I'm afraid. So, you need to decide whether to throw good money after bad or take the hit.

Elsie2_2

Fair enough. I just wanted to make sure there was nothing i could do before deciding to chuck away the money i've paid in.
Thanks for the advice though.

magic57

Hi all

I have also been taken in by the Axa bonus cashbuilder plus. I took out a policy in Nov 2002 and understand this is the time when they were misleading with their adverts. Should I phone or write for a quote to see how much I could get back? I have paid around £1,300. Can I claim that I was mislead, if so what should I write?

I'm not too good with this finance stuff just wanted some money for my kids in a few years time.

Any advice appreciated. Thank you.

ReportInvestor

Don't waste your time and money phoning.

Write to say that the FSA has found their adverts misleading and they influenced you at the time of purchase.

Quote from this FSA adjudication:

http://www.fsa.gov.uk/pages/library/communication/pr/2004/111.shtml

"AXA Sun Life's advertisements for the Bonus Cash Builder Plus Plan (BCP)...... did not provide customers with sufficient information about how the product worked or the risks involved. The design, content and format of the promotions focused attention on the benefits of the products including the offer of free promotional gifts, but gave less prominence to key information about the risks."

Say that you would like a refund of your contributions to date plus interest and wait for their response.

magic57

Thank you so much ReportInvestor! :T

I'll get writing straight away. I'll post back when I get the result.

Thanks again for your advice.

typhoon

I took out two of these policies about 5 years ago and immediately regretted it. As luck would have it, I kept meaning to phone them to tell them I wanted to cancel (even though I would be losing money), when they sent me a letter saying they had given misleading figures and I was given the option to cancel the policies. I jumped at the chance and received a full refundl, give or take a few quid.
Think this was a couple of years ago. Would never touch them again.

magic57

I wrote a strong letter today to Axa saying I had been mislead and want my money back. As it was Nov 2002 I think I am in with a chance. Anyway I'm prepared to put up a fight as they never wrote to give me the option to cancel. I'll let you know the result.

Thanks everyone on MSE for all your help.

magic57

I had a letter back from Axa to say they are looking into my "complaint" and will contact me within four weeks.
They never wrote to me to point out the misleading information and I was never given the option to cancel although I took the policy out in Nov 2002 which was when all the misleading advertising was going on. I think I have a strong case and am prepared to put up a fight. I'll keep you informed in case anyone else is in the same position as me.
Thanks all for the advice.

ReportInvestor

I think they did write to people who were potentially affected shortly after the FSA ruling.

But we get so much junk mail that you may have binned it or not realised its significance.

And Axa are unlikely to have spelled out the awful performance of the policy to date which would have made cancelling & getting your money back a better option.

lucknnow

Hi All,

Just stumbled on this thread.

I also have one of these policies called The Bonus Cashbuilder Plus Plan.

I took this plan out in February 1997. Up to Jan 07 date I have paid in £10300 and am still paying in £100 pm.

The total surrender value which I obtained by phone today is £10121.80 providing the Feb 07 payment was made.

I have asked for a projection of the final maturity value but will not receive that for another 7-10 working days.

The plan will mature in Feb 2012.

The initial projections I was given at the start of the plan was at

5% - £20300
7.5% - £22100
10% - £24300

Guaranteed Life cover is £12150

Should I cash in now and put the money into something which will give me better returns?

Any help will be most appreciated.

Thank you.