Axa Sunlife

dunstonh

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.

Unlikely but possible. These AXA plans were sold under direct offer and not through advice. That means it was mailshot or advertising. They are set up within 48 hours of you sending the application in. So, unless you sat on the mailshot or advert for 4 months then its unlikely you will succeed. Also, the application form you used would have the mailshot/advert reference it related to.

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.

Good for you. The worst ones were actually the over 50s plans. They used to say "no salesman will call". Whilst that was meant to make the person feel comfortable in buying, the other reason is that no "salesperson" would sell the product as it was so bad. Advisers have liability to give best advice. You cant sell rubbish like this. With these plans, most advisers had stopped selling them by around 1995-1998. You could only buy them on direct offer basis after 2001 because no adviser would do them. A lot of the advertised products you see are expensive and obsolete.

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?

FSA doesnt allow complaints about investment returns. it would be an automatic rejection.

But if you had a chance to get your money back in hindsight on the stock market would you not take it?

I'm not out of pocket but in this case, if you were sold this rubbish product and fall within that window of complaint then you have a get out of jail free card and should use it.

lingwood

Update

Despite sending them a ltter stating the FSA ruling and the missleading selling of the cashbuilder, and clearly asking for all of my money paid in to be returned (- 1/2 first year and tax etc)

They just sent me a letter saying "as requested, please find attached your surrender value (cash-in value) quotaion" !

To which I have declined, and sent them another copy of the orginal letter sent to them and reminded them to bother to read it this time!

Lets see what happens.

lingwood

Update

AXA have applogised for not responding to my orginal letter.

They have offered now to refund ALL money paid (less the first half year) plus add on bonus's and 1% intrest above base rate (minus 20% TAX)

Very please, and a nice little get out clause.

Hope other may get the same results

pramsay13

I've stumbled onto this forum, and read nearly all the posts but I'd like some help.
It looks as though I signed up for the Provider Plus Plan in February 2002. This means it falls within the time period for the FSA ruling so I can write and ask for my contributions back plus interest.
I started off paying £20 per month which has increased to £40. My guaranteed cash sum is £4428 and my projected values are 4% 6980, 6% 7830, and 8% 8780.
My 2008 notification states that my maturity date is 13/2/17, my new bonuses are £96.98, my total bonuses are £517.92 and rate of terminal bonus is 100%. There was a special bonus added last year.
Should I hang on in there and see what happens, or should I just get my money back and invest in some high risk stocks and shares!
Thanks

dunstonh

should I just get my money back and invest in some high risk stocks and shares!

The AXA fund is low potential and medium risk. Do you want to stay in that or do you want to go high risk?

pramsay13

Sorry, I was being flippant.
I would probably stick the refund into a cash ISA but they're obviously low returns at the minute, although likely to increase at some point before the expiry date of the axa policy imho.

redmax_2

hi

I was doing a bit of a new year review of my finances and came across this forum and this thread in particular ~ made me realise I have been a bit of a numpty regarding the AXA cashbuilder policy.

Both myself and my partner took out one of these policies in April 2003. Started paying £50 a month which increased annually by £10 until it it levelled at £100 per month. I make this a total payment of £6300 including this month. After reading this and other threads on the subject I phoned to get a redemption figure. I was told would get £4825.65, my partner got told she would get £4739.48 ~ even though we took them out at the same time and she has paid the same premiums as me?!

My question is this, is it worth complaining and try for a better settlement figure or should we cut our loses and run?

if it is worth complaining can anyone help me with the wording of the letter ( especially the regarding the FSA ruling). I know from these threads that others have complained and got a better figure;

any help would be very gratefully received.

dunstonh

My question is this, is it worth complaining and try for a better settlement figure or should we cut our loses and run?

The FSA ruling applies to plans bought via adverts made between January 2002 and April 2003. So, it looks like you fall in the period where you can make the complaint and ask for your money back plus interest.

There are no other grounds for complaint as you did not seek advice. You shouldnt need any other grounds though due to your timing.

if it is worth complaining can anyone help me with the wording of the letter ( especially the regarding the FSA ruling). I know from these threads that others have complained and got a better figure;

Just say you want your money returned plus interest in line with the FSA ruling on misleading adverts as your plan was purchased in April 2003. You dont need to write war and peace. Short and simple is nearly always best. Even if it is just a few lines.

I was told would get £4825.65, my partner got told she would get £4739.48 ~ even though we took them out at the same time and she has paid the same premiums as me?!

I take it you have different dates of birth though and you are not same sex.

redmax_2

Thanks for getting back to me so quickly, much appreciated as I don't want to give AXA any more of my money.

I will put together a letter using your advice and let you know how we get on.

I take it you have different dates of birth though and you are not same sex.

hadn't thought of that! yes my partner is female and 18 months older than me ~ guess I didn't think it would make that much difference financially speaking?

thanks again for you advice, I get writing now!

pramsay13

An update on my situation.
I wrote a letter to AXA quoting the FSA ruling and asking to cancel my policy and receive a full refund of all premiums paid plus interest.
I received a letter back with a few weeks saying they could cancel the policy and would return all premium plus interest minus 20% tax on the interest.
I sent back the confirmation and got the money transferred to my bank account within a few days.
Thanks to everyone for their advice and for this thread.
I can send a copy of the letter to anyone, feel free to PM me.:T