Axa Sunlife

bachus

rang them at 1 minute past 8 this morning.

My policy made around £800 in the 12 years, not much as if I had put the money elsewhere but at least I got back what I paid and a bit more.

It's going to be 3-5 days for the surrender form; and I get over £7K back which will keep the hounds from the door! (started paying £20pm in 1996)

appreciate the help of dunstonh and especially baby boomer who have been great.

Such a relief.

:j

richardlionheart

TheJester wrote: »

Hello everyone. We've just found this thread.

We started our policies on 8th Feb 2002. What would we be best doing? We started at £20 a month and are paying in £40 a month now. We are just over half way through our term.

Thanks

Andy

key dates for AXA cash builder ( February 2002 to January 2004 )


http://www.fsa.gov.uk/Pages/Library/Communication/PR/2004/111.shtml


Richard

Nikkisun

Slightly different question but still Axa Sunlife.

My policy has matured now and I sent my form back just over a week ago to tell them which bank account to pay into, does anyone know roughly how long they take to pay?

Smilingthrough

Hi
Took out Cash Builder Plus Plan in 2003 but they are refusing to return my premiums. Can anyone PM acopy of the letter they sent?
Mnay thanks

dunstonh

Smilingthrough wrote: »

Hi
Took out Cash Builder Plus Plan in 2003 but they are refusing to return my premiums. Can anyone PM acopy of the letter they sent?
Mnay thanks

Unless you bought based on the adverts in question between January 2002 and April 2003 there is no reason for them to refund your premiums.

tazcata

Hi all,
Just found this forum and have read a lot, can anyone clarify some points for me.
my wife and I each have a policy start 18/06/03 £20 increasing to £40 over the first five years, now been paying for 6yrs 4 months. I just called them and have a surrender value of £1912. My wifes plan will produce the same. However I think that I have picked up correctly that I can in fact claim from them the total premiums I have paid to date £2320 - 120(half first year premium) = £2200. and I can ask to be paid the interest on these payments plus 1% of the bank of england base rate , minus the 20% tax on that interest.
Your help would be much appreciated, if this is correct then between the two of us we should be able to claim back over £4400 rather than £3824 that is the surrender value?

dunstonh

However I think that I have picked up correctly that I can in fact claim from them the total premiums I have paid to date £2320 - 120(half first year premium) = £2200. and I can ask to be paid the interest on these payments plus 1% of the bank of england base rate , minus the 20% tax on that interest.

What do you mean by claim?

You bought outside of the window of opportunity (for those given incorrect details). So, the FSA ruling doesnt apply to you.

The surrender value is not negotiable. It is based on investment values and the charges within the product.

SteveTorley

tazcata wrote: »

Hi all,
Just found this forum and have read a lot, can anyone clarify some points for me.
my wife and I each have a policy start 18/06/03 £20 increasing to £40 over the first five years, now been paying for 6yrs 4 months. I just called them and have a surrender value of £1912. My wifes plan will produce the same. However I think that I have picked up correctly that I can in fact claim from them the total premiums I have paid to date £2320 - 120(half first year premium) = £2200. and I can ask to be paid the interest on these payments plus 1% of the bank of england base rate , minus the 20% tax on that interest.
Your help would be much appreciated, if this is correct then between the two of us we should be able to claim back over £4400 rather than £3824 that is the surrender value?

How did you get on? I've got the same setup and they've offered me £1800 although I paid ~2800.

lingwood

Can someone please clarify the window of opportunity to claim back all monies paid + get 1% interest under this technicality issue?

The FSA site states 2 time frames

February 2002 to January 2004

And

January 2002 to April 2003

I took out a policy in August 2003 starting at £20, and now currently at £40 per month.

On phoning then today they gave a surrender value of £1731.73, but I calculate I have paid in approximately £2240

lingwood

On doing a bit of reading today myself I found this document on the FSA site which makes things a bit clearer

www . fsa . gov . uk / pubs /final/axa_21dec04.pdf

section 5.8 states they wrote to all members that took policies between 2002 and April 2003, and if people wanted to cancel they could and would get their payments back + interest.

So looks like I am officially out of this window, but I would beg to differ in that I would have been considering taking out the policy in the window and by the time the paper work was completed it was August 2003.

OK, OK, this was back in the student days and I was trying to save for the future. Now a bit older and more money wise thanks to this forum and Martin's many years on TV etc, I would never buy a product like this advertised by a celebrity.

Yes I have invested in the stock market and I know stocks can go up and down, so should I be complaining about a loss on the AXA? Maybe not! But if you had a chance to get your money back in hindsight on the stock market would you not take it?

From the above link there are many points that I think are fully justified to claim back fully the money paid.