Axa Sunlife

sistersis

HI
I have just sent my letter off today by recorded delivery for the policy taken out in March and am waiting for the paperwork for the first one.
Still would like some adviise of what to with the money we will receive!
Hopefully we should get approx £7k plus
We have the mortgage at 105K ish need to check exact details @ 5.5%
amd can pay 12.5k a year into it until sept 09 without any penalties.
But do I just bung it in there or keep it somewhere for a whille if so where???
Thanks
Any adivise would be more than welcome

sistersis

Have the letter of AXA
The Policy that i am cancelling is as follows:
£4,641.69 plus inerim bonus of £189.49 = £4,831.18 cash back
Any ideas of what to do with this now would really help.
Will post relpy to the other policy when I get it through
Thanks again

vandanfc

I'm no expert, but I am putting my money when i get it back into a decent rate savings account and then drip feeding it and my current monthly premium into a regular saver - Yorkshire BS as recommended by Martin.

The money was to be a lump sum for my daughter when she reached 17. At least now she should be guaranteed to get more than I paid in.

Already have a maxi isa, so a mini cash isa is not an option for me, but might be suitable for you if you haven't already used this years allowance.

cdf_2

Hi , can anybody help me .I'm glad I found this thread as it's helped me so much so far but I need a bit more info. I took out a BCP in july 2003 and this was during the period quoted by the FSA . However I noticed that AXA were only refunding people up who took their policies between Jan 2002 and april 2003 . I phoned them after I first read about the FSA ruling and they said I wasn,t eligible .However I recently found this forum and read the FSA ruling in full and believe I am eligible for a refund as other people also seem to be .I sent off a letter yesterday to them but I'm hoping someone else can confirm they've recieved a refund from May 2003 to Jan 2004 or if anybody thinks I've got a chance or is it too late .Any advice would be appreciated , ta

adbead

cdf wrote: »

Hi , can anybody help me .I'm glad I found this thread as it's helped me so much so far but I need a bit more info. I took out a BCP in july 2003 and this was during the period quoted by the FSA . However I noticed that AXA were only refunding people up who took their policies between Jan 2002 and april 2003 . I phoned them after I first read about the FSA ruling and they said I wasn,t eligible .However I recently found this forum and read the FSA ruling in full and believe I am eligible for a refund as other people also seem to be .I sent off a letter yesterday to them but I'm hoping someone else can confirm they've recieved a refund from May 2003 to Jan 2004 or if anybody thinks I've got a chance or is it too late .Any advice would be appreciated , ta

Hi CDF, I took out two of these policies, one in October 2002 and one in June 2003. I wrote to them on the 12th April to say I wasn't happy with the surrender values given, on the 18th they said they were looking into my complaint, after chasing them by e-mail on the 12th May I received a letter saying they would pay back all premiums paid in + BBR + 1%. I have now sent the form confirming I would like to cancel back and await the funds to be credited.

I would say you definitely have a chance.

I have also found this thread to be very helpful and without it I would probably be £800 down.

cdf_2

Thanks adbead , I'm glad you've got a result , I've recieved the " looking into your complaint "letter and will give them a few more weeks . Thanks again you've now given me a boost . One other thing , I've already cancelled my direct debit with them as I'm not throwing away any more money but I hope this won't affect my position . Thanks again to everyone on this thread I wouldn't even be in the contemplating a refund without this site .

baby_boomer

Has anyone who has looked at this thread with an Axa policy ever concluded that it was not worth their while to cash in?

I believe the answer is NO.

It would be very useful to confirm this as it might save many people a lot of time and prevent potential headaches.

vandanfc

Not me. Have just received my money back into my bank this morning.

I think the real problem is that no one wants to lose anything, but I have not got back what i have paid in and it looked ever more likely that I would never get back what I paid in, so I cut my losses before they became any worse and will put the money into an account that will def. give me a return (ie interest).

Each case if different though, if you go right back to the beginning of the thread and look at the advice it might make things clearer.

kristi

Well I sent off letter on 12th May, recieved the looking into your complaint letter friday 18th may and today got a letter offering me a full refund plus 1% interest. Result! I opened my account in july 2003 so didn't have any trouble getting refund, now awaiting statements from Barclays to try and reclaim my bank charges. Hopefully my luck will stay! Good luck to everyone else x

cdf_2

I ALSO GOT MY LETTER BACK TODAY SAYING i WOULD RECIEVE A FULL REFUND .THANK GOD FOR THIS SITE AND THIS THREAD , THANKS TO YOU ALL .HOWEVER I STILL FEEL ANGRY THAT I'VE WASTED 4 YEARS PAYING MONEY INTO THIS POLICY FOR NO RETURN ,WHAT A WASTE OF TIME AND NOW I'LL HAVE TO START AGAIN WITH SOMETHING SAFER .