Axa Sunlife

ReportInvestor

lucknnow wrote: »

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

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

:rotfl:

:mad:

They can't even pay back the original investment after 10 of the 15 years :eek:

If you had invested monthly into a stock market tracker fund from Feb 1997 to Feb 2007 you would have ridden out the 1999-2003 fall and be sitting pretty, and you would have had & still have complete flexibility to sell your investment, increase, lower or stop monthly payments.

Nevertheless you should still sell up.

To confirm, for your own peace of mind, you should write to Axa asking for your current projected return if the fund grows @ 6% pa.

Please post their inevitably inadequate reply here in order to help others and yourself.

Cash ISAs are currently yielding 6% gross after charges. That's above anything that AxaSunLife have to offer for the next 5 years.

lucknnow

Are such policies saleable on the secondhand policy markets?

Since these plans are such poor performers. will there be any demand for them?

I'm not too savvy on money matters and have preferred to let things lie. That's why I've let this plan run for so long.

Now both my husband and I are near retirement. Which was what has prompted me to have a good look at our financial situation.

We have 2 other endowment policies which were taken out in conjunction with a house purchase 20 years ago which will mature in 2 years and at the moment they are on target (so advised by the insurers).

These plans only cost £30 and £12 pm and they are targeted to pay out £16000 and £6000 respectively.

AXA Sunlife has taken my money for ten years, used it for their own gain and is not even repaying me what I've put in. (Big sigh!)

dunstonh

Are such policies saleable on the secondhand policy markets?

No. Savings endowments dont have the term to be suitable.

lucknnow

Just received their maturity illustration for my policy.

3% 7%
Guaranteed cash sum 11049 11049
Compound bonuses existing now 2812 2812
Illustrated future bonuses 3639 6639
Total 17500 20500

At maturity in 5 years time, total paid in would be 16300

ReportInvestor

£11,409 & £100 pm over the next 5 years @ 4% net in a savings account = £20,201.

If you can invest some of it in cash ISAs 4% ought to be achievable over 5 years.

There are 6% gross 3 year bonds available at present = 4.8% net for a basic rate taxpayer.

magic57

A few weeks ago I discovered (thanks to this site)what a bad decision I had made taking out a Bonus cash builder plan. I took it out during the time of the misleading adverts which AXA were fined for.
Taking the advice of others on this forum (thanks folks) I wrote to AXA asking for my money back. I said I would post again when I heard from them. Today they wrote that they would repay me £1,400 which is a little more than I paid in - I got 1% interest minus the tax on the interest. I am quite happy with that. I will put it in an Isa which seems a much better idea.

Thank you everyone. I wouldn't have know about it otherwise. :T

lucknnow

Considering that I took out my plan before the said misleading ads period, am I in a position to ask for the same as magic57?

I have paid in a total of £10,400 over 10 years and 1 month.

The surrender value now is £10,260.61

With my requested surrender form, they have kindly included a leaflet advising me of 4 alternatives as well as 4 reasons to re-consider keeping the policy going.

I do not wish to take any of the alternatives as I am not strapped for cash. I want my money to make more money.

puthsardarade

Hi,

I hope someone can advice...
I have invested £2340.00 to date on my Axa sunlife bonus cashbuilder. The surender value of this to date is £2244.98! Current bonus is £608.66 which I was told was around 1.25% and this ends on 13/12/2011.

Should I surrender or continue? I am only paying £20 a month into it.

Cheers,
G

ReportInvestor

lucknnow wrote: »

Considering that I took out my plan before the said misleading ads period, am I in a position to ask for the same as magic57?

No.

gagandeeptiwana wrote: »

Should I surrender

Yes. Why sacrifice more money - even £20 pm?

incredibleh

Hi i just came accross this a few days ago, im a little concerned about my investment with AXA. I called their call centre and got a quote to cash in my policy and was told that it was £5076.28. I did the maths and i have paid in a total of £6100.00.

I started the policy in November 2000.

Should i write a letter of complaint and ask for all my money back or just cut my losses and run.

Thanks