Axa Sunlife

sarahrichens

Just to say I have cashed in my policy and received my money - after 12 years I have got back £300 more than I have paid in. Rubbish - but I was amazed and relieved to even get this after hearing some of the horror stories. I shall not be going anywhere near policies like this again.....

dunstonh

after 12 years I have got back £300 more than I have paid in. Rubbish
...snip.... I shall not be going anywhere near policies like this again.....

To be honest, it was rubbish 12 years ago when you bought it. They were totally obsolete by 1998.

However, providers can retail rubbish plans direct to public with very little come back. Which is why you should always be wary of direct offers. Its only the luck that AXA messed up figures that give a technicality allowing so many to get their money back.

ffacoffipawb

dunstonh wrote: »

To be honest, it was rubbish 12 years ago when you bought it. They were totally obsolete by 1998.

However, providers can retail rubbish plans direct to public with very little come back. Which is why you should always be wary of direct offers. Its only the luck that AXA messed up figures that give a technicality allowing so many to get their money back.

What was the mess-up? (Saves going through umpteen pages trying to find it).

Thanks

dunstonh

ffacoffipawb wrote: »

What was the mess-up? (Saves going through umpteen pages trying to find it).

Thanks

Basically, in the small print they put some incorrect figures on the illustrations. It was in an area that most would never read or take notice of. Hence the get out of jail free card.

Nephy08

Good news at last! :beer: Have now been refunded all of my premiums plus interest.

I did write a further letter to Axa after they rejected my earlier complaint and rang them last week but they apparently had not received this.

However, the lady I spoke to was very helpful and I explained that I felt I had been misled by the terms of the policy but also pointed out that I had suffered a close family bereavement just prior to receiving the April 2005 letter advising of the error in the initial illustration. Received a call back the next day and was told they would offer me a surrender value equivalent to my total premiums plus interest.

Received a letter this week confirming the cancellation of the policy and have now received full payment to my bank account of all premiums plus a substantial amount of interest. :j

magic33

Hi, I've just discovered this thread after foning axa sunlife today for a quote to surrender my policy. Imagine my horror when told it was worth £15.54!! I took out a moneyback plan on 21st Jan 1999 and told I could cash the plan in at anytime, but it may be worth less than I paid in depending on the amount of years. Fair enough I thought, but due to personal reasons I would now ike to cash it in I have paid in £10 a month and now it's worth nothing...how can this be???? Can I demand my premiums back? I used this as a savings policy, so surely it's my money??

My husband & I also have 2 cashbuilder policies which have been in for 4 years...is it now worth considering cashing them in. I'm confused. Please can someone help.:mad:

dunstonh

I would now ike to cash it in I have paid in £10 a month and now it's worth nothing...how can this be????

It shouldnt be. The early years it would be worth nothing but it should be worth more than £15.54. It would be worth less than you pay in but not that bad.

Can I demand my premiums back?

no.

I used this as a savings policy, so surely it's my money??

It is your money but you chose to buy an obsolete, a fixed term plan that has a value that can go down as well as up and has penalties if you early surrender.

I would get clarification on the surrender value as it doesnt sound right but there is little more you can do about it.

magic33

Thanks for that. I will phone again to make sure it's right. The woman I spoke to tried to put me through to an advisor but the line was busy!! What about my cashbuilder policies...should I ask for a surrender value for them as I'm a bit worried about them too. I took them out on 02.12.04 for 15 years. Do they qualify for the mis-sold period? I did not receive any notification of this and only learned about them today on this forum.

wendyb_4

I have just read the long list of threads on AXA Bonus Cash Builder policies...YIKES...:eek: .
I started paying £30 pcm on 23/02/1999 , which steadily increased to £60 after a few years. It matures in 2014.

I have not got a job at the moment and am struggling with making the payments, not to mention discovering the whole policy is worthless!

I phoned AXA and asked for a surrender value but they told me all policies data was 'locked' and they couldnt give me that information until after 23 February. The man was quite unhelpful when I asked why .

How do I go about cashing in the policy ? Is it likely to be worthless now?

Any advice HUGELY appreciated.

Wendy

Griffin6668

Hi all, deary me what a mess. Shocking reading!

I wonder if anyone would be able and willing to give me step by step advice on reclaiming some or all (ha!) of my money back.

Situation: Policy taken out in 1998 at £10 a month rising to £20 a month for a 15 year stretch. What's the likely offer if I choose to bale out and what should I prepare for as a surrender value? Is it worth jumping ship to reclaim my cash to invest elsewhere?

Cheers in advance