Axa Sunlife

Smilingthrough

Yikes - like Sarah I have just discovered this thread. I took out a Cash Builder Plus Plan in July 2003 on the basis of literature I had received a couple of months earlier, i.e.within the period Axa Sunlife were crticised by the FSA for misleading advertising. I never received any subsequent letter from them explaining their "error".

Can anyone advise me what to put in a letter requesting a full refund, specifically on where exactly we were misled in the ads.

Thanks

fIIsion

Got a reply from AXA stating they will refund my full premiums to date minus tax, so will wait to see how long it takes to get the money back into my account.

In my letter I stated that I was unhappy with the settlement figure and that I felt mislead not only by the inital advertising campaign but also the sample settlement figures they advertise in their leaflets/ website.
I quoted the FSA rulling, I guess i'm lucky in so much that my policy was within the timeframe of the TV adverts which were based on inaccurate information.

I think the main thing is to be to the point about unhappy you are and how mislead you feel, I also did not receive any correspondence (although they claim to have sent out a letter) which would of given me the opportunity to raise some questions, I put this in the letter as well, hope this helps.

dunstonh

Got a reply from AXA stating they will refund my full premiums to date minus tax, so will wait to see how long it takes to get the money back into my account.

There should be no tax to pay on a refund of premiums. That method is voiding the policy as if it never existed. The only time tax would apply is if they are adding interest to the refund of premiums. In which case Interest tax would apply. There should be no tax charged to the premium refund element though.

fIIsion

dunstonh wrote: »

There should be no tax to pay on a refund of premiums. That method is voiding the policy as if it never existed. The only time tax would apply is if they are adding interest to the refund of premiums. In which case Interest tax would apply. There should be no tax charged to the premium refund element though.

yes you are quite right, they are indeed charging tax from an additional intrest payment.

StephenB10

I've been reading some of the many threads and posts on this matter & need some help. I took out one of these policies on 14/01/2004. Now I keep reading about the FSA ruling and that if you took out a policy between Feb 02 & Jan 04 then you could be entitled to a full refund. Do I fall into that catagory? Is it by a specific date in January 04?

Is there somewhere I can print off a template to send to AXA for a surrender value/refund of monies paid?

Any help would be much appreciated

StephenB10

StephenB10 wrote: »

I've been reading some of the many threads and posts on this matter & need some help. I took out one of these policies on 14/01/2004. Now I keep reading about the FSA ruling and that if you took out a policy between Feb 02 & Jan 04 then you could be entitled to a full refund. Do I fall into that catagory? Is it by a specific date in January 04?

Is there somewhere I can print off a template to send to AXA for a surrender value/refund of monies paid?

Any help would be much appreciated

Just a bump up for this query. I'm thinking about just dropping them a line saying I've heard worrying things about my cashbuilder plus policy taken out 14.01 04 & asking for a surrender value. Is that enough or do I need to refer them to the FSA ruling?

richardlionheart

hi Stephen


IN your letter ( on envolope address it to COMPLAINTS ,by the way . )
mention the measly amount they offered over the telephone.
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.

qoute the FSA ruling that was issued against them.
Stick to demanding a full refund of all monies paid into the policy + interest + bonus
-minus tax (on bonus and interest etc )

then sit back and they will send a letter for you to sign if you are happy with the new settlement and it will appear in the link bank a/c you set your direct debits from

don't forget to cancel the direct debit as soon as you send the letter back off to them

regards
Rich

ps: as mentioned in the early part of this thread , when so called celebs are required to endorse a product .. then it means( 9/10 ) its a load of old dross.! we all learn from our mistakes:beer:

smcceh32

StephenB10 wrote: »

Just a bump up for this query. I'm thinking about just dropping them a line saying I've heard worrying things about my cashbuilder plus policy taken out 14.01 04 & asking for a surrender value. Is that enough or do I need to refer them to the FSA ruling?

Hi StephenB10, I was just wondering have you managed to get anywhere with this? I am going to start a claim not sure haow far I will get tho

StephenB10

Thanks to Wishicouldafford it & Richard for your input and assistance.

smcceh32 - Well I've sent off a letter by rec del so we will see what happens. I've already cancelled the Direct Debit. Turns out my payment at maturity would have been less than I still have to pay them never mind what I've paid them over the last 5 years :mad:

StephenB10

Just an update...its good news :beer: Just had a letter back..all of my money back plus interest less 20% tax :j Thanks guys!