Axa Sunlife

Trying_to_be_good

Having had a full refund plus interest from my SAve from Pay account earlier this year, I came home today to find an envelope from AXA. Expecting it to be 'we made a mistake, you now owe us £xxx', how happy was I when it was a cheque for just over £100 - a special bonus from the distribution of assets wihtin the Old With Profits Fund as at 31 December 2005. Every little helps!

Good luck Nephy08.

Clare_14

Well we wrote our second letter nearly a week and a half ago and have had nothing. I decided to call them instead. I was told I wasn't entitled to anymore and thatn the surrender value and when mentioning the letter I sent they advised they would add a note to make it priority. My husband called and was advised that he wouldn't be entitled to anymore as he had had the policy for a long time and had had more than enough time to complain about the FSA ruling and again was advised may as well just accept the surrender value. They are very adament which is slightly worrying epecially with where the economy is at the moment, wondering whether to cut our losses and accept it - just incase they go bust or something!!

richardlionheart

When i first contacted AXA we were both quoted just obver £1300 each
for our cashbuilder plus accounts that were set up in 2003.

Thanks to this website myself and my other half received just over £1800 each,
( last month ).
So long as you state the facts about how you now feel you were mislead about the early surrender penalties etc .And that if you had known that right from the start
you would of never of entered into this kind of policy in the first place.

Therefore you want a full refund of all monies paid into the policy + bonus -less tax.
However we only cancelled the monthly payments once we received the last letter
from them with a form to sign and the amount that they were going to transfer into
the linked bank account.

And as Wishicouldaffordit says , we never recieved any letter in the past about getting a full refund.

I would stick to keeping things in writing with them.

Rich

Nephy08

Five weeks later I have now heard from Axa. Unfortunately this only acknowledges my last phone call on 4 December and makes no reference to my original complaint letter of 5 November. Axa seem to have confused me with someone else as their letter refers to "you and your client". It does however give a named person who will be investigating my complaint. They have also enclosed a complaints leaflet which states they make contact within 5 working days of receiving a complaint! I'll be writing to them again!

meggsy

http://www.citywire.co.uk/adviser/-/news/pensions/content.aspx?ID=304768 :eek:

Nephy08

Finally a response from Axa but not good news. They have investigated my complaint but because I did not respond to their April 2005 letter referring to the error in calculations, they are unable to refund my full premiums.

I did not understand the letter at the time which although invites me to contact Axa with any concerns and questions, makes no mention of the offer of a refund if unhappy.

They have offered me a surrender value which is about £300 less than I have paid in so far but about £70 more than what I was offered when I first called to complain in October so not too much out of pocket. I am puzzled why this value varies – there is no explanation in the documentation I have of surrender value other than that it is acquired after 3 years’ premiums – no mention of what or how much this is!

Also the illustration does advise you could get back less than you have paid in, but only if you cash it in during the early years which are shown as years 1 to 5 - but I am in year 8! Will have another go and write to them again.

dunstonh

I am puzzled why this value varies

Its an invesmtent with a daily value based on the underlying performance of the investments within the with profits fund. Markets have moved upwards since October.

Also the illustration does advise you could get back less than you have paid in, but only if you cash it in during the early years which are shown as years 1 to 5 - but I am in year 8! Will have another go and write to them again.

Read it again. The illustration wording is usually you can get back less than you pay in, especially in the early years (or words to that effect). Not the way you describe it.

fIIsion

Hi, have just come across this thread and I'm wondering if I have left it too late to take action.
My policy began in Aug 2003 and have paid in thus far £2880 and have accured a further £436 in bonuses for last 5 1/2 years. I was quoted a settlement figure for cancelling the policy of £2056 and was wondering if I would have a chance of reclaiming the full premiums paid since the policy was taken out during the period where Axa was fined by the FSA.

Could anyone please send me the template for the letter used for the complaints procedure.
[EMAIL="patcass@bethere.co.uk"]patcass@bethere.co.uk[/EMAIL]

like most people I was taken in by the TV advertising at the time and thought little about the small amount of money saved each month (started on £30 per month) but have since become disappointed about the small returns and am worried about losing more money in the future.

sarahrichens

Hi Have just spent very depressing hour reading this thread and seriously regretting the Axa Sun Life Bonus Cashbuilder Plus plan I have been paying into since March 1997.
Am going to phone and ask for surrender value today.
Am guessing it is going to be less than I have paid in and I don't think I meet the right dates to make an FSA complaint? Is there any angle I can use to push for full refund? Any help greatly appreciated..........:o

dunstonh

Is there any angle I can use to push for full refund?

If you are not within the dates then there is no reason for them to refund. Products bought without advice give you far less consumer protection. Others have only got lucky on this one because AXA used incorrect data in an advert and gave an effective get out of jail free card to all those that took one out during the date of the advert.