Axa Sunlife

wishicouldaffordit

catwoman150 wrote: »

Just a quick question how long does the whole process take from sending the first letter to receiving a refund of some kind.

no more than 3-4 weeks for me - all pretty speedy.

pilch58

not a cash builder axa (sunlife) plan
but sunlife lifeline plan with profits sold via Barclay bank services
taken out in june 1993 now at end of term and paying out 51% of payments made so much for 6% profit

this was not a great monthly outlay for both me and my wife over the year but just a thought any way of getting payment made as bank info states profit over total payments made?

any help please

pilch58

hi wishicouldaffordit

can you please pm me with outline for letter you sent to axa

thank you

itmatters_2

Hi have been reading threads with interest.Think i have also fallen into same trap!!!!!!!!!!!!!!
Took out saving plan May 2000 (AXA 15 year saving plan)
Started with £25 a month now paying £50.
Total paid to date £4350 (6 months returned first year).Phoned to ask for surrender value.....£3681.12.
A loss of £668.88.
Do you think i should take money and limp away.....
Could someone post or outline letter for me if you think it will help !!!
They were helpful on phone and English,posting forms to me.

catwoman150

Opened my post this am to find that AXA have sent me my bonus notification for 2007. Nothing as yet about my first letter that I have sent to them, it has nearly been 3 weeks.

catwoman150

I have recieved a response to my letter. I have two policies with them, one in sept 2001 and one for feb 2002, but only one of them comes under the FSA ruling.
They have offered me all my premiums back for the policy which I started in feb 2002 at 10 per month. Plus interest at the Bank of England rate plus 1%. Then they are going to take 20% off for tax.
To my working out that would be £1192 plus interest and then deducting 20% off for tax.

Have I worked this out correctly?


Also I would like to cancel my second policy that I have with them. I have already cancelled the direct debit. They wil only offer me the surrender value if I ask won't they?

Any help to try and get a better rate would be grateful.

JLID37

I've never found it necessary to join the MSE forum until today - AXA have annoyed me so much and I need some help!

I have an AXA Sun Life Cash Builder Plus Plan that I started in Dec 1998. I started paying £10 a month (as a poor student) and is now £20 a month - not loads of money I know but enough to save and with the projections given when I joined, a nice little profit!

I have noticed that over the last few years the bonus payments are becoming less and less.
1998 Bonus Notice = £19.50 New Bonuses
1999 Bonus Notice = £78.64 New Bonuses
2000 Bonus Notice = £81.19 New Bonuses
2001 Bonus Notice = £83.83 New Bonuses
2002 Bonus Notice = £53.27 New Bonuses
2003 Bonus Notice = £33.96 New Bonuses
2004 Bonus Notice = £34.38 New Bonuses
2005 Bonus Notice = £34.81 New Bonuses
2006 Bonus Notice = £35.25 New Bonuses
2007 Bonus Notice = £57.10 New Bonuses

Bonuses Totalling £511.93

To date I have paid in £1980 in payments (payed in advance up to Sept 2008).

I contacted AXA today (09/June/2008) to find out how much I would receive if I terminated my 15 year policy early as I was unhappy with the bonuses the policy was returning - they stated I would receive £2232.14.

When I stated that this was only £252 extra to what actual payments I had made and questioned if this included my re-organisation bonus (as I had my policy before 01/Jan/2001), I was informed that I was not entitled to the re-organisation bonus and that "this is the maximum amount".

What do you all think.
Is this a fair amount?
Should I write to AXA and complain?

Please help.
J x

dunstonh

Is this a fair amount?

Its not a case of fairness. You bought the policy without advice so one assumes you read the terms and conditions. One of the most obvious things they highlight (and one that people have known about for decades as common knowledge) is that you pay surrender penalties if you surrender before maturity. The penalties are set at the outset and disclosed so you dont have much to complain about.

Should I write to AXA and complain?

Unless you have grounds to complain (and by buying direct you get less FOS protection) then you are relying on their goodwill. What would your complaint be?

BTW, please dont post the same thing on multiple threads as it can confuse people when responding.

darlofc

I have been looking into an axa cashbuilder after receiving a leaflet. I already have one (for about 8 years), thought it was a good idea until i started reading this thread!! Ignoring the one i have now what would someone recommend i do with £30/month instead of cashbuilder? Looking at longterm 10-15 years don't mind a little risk too if necessary. Will look at cashing 1st one in too but its for my son so don't want to mix new with old.

dunstonh

what would someone recommend i do with £30/month instead of cashbuilder? Looking at longterm 10-15 years don't mind a little risk too if necessary. Will look at cashing 1st one in too but its for my son so don't want to mix new with old.

stocks and shares ISA is obvious choice for the wrapper. Then pick a unit trust that matches your risk profile