Axa Sunlife

dunstonh

duffs wrote: »

Hi,my wife took out one of these policys in jan 2000,thinking like the advert said get a tidy lump sum back in 15yrs.After reading some of the storys here she phoned them up asking what would the surrender value would be,they have told her she will have wait 10days,however they did say because a lifecover policy was tied in to the cashbuilder plan worth £4860 the money that has gone towards this is non returnable.We have worked out that she has paid in £3630 upto feb 2010 less the £120 after the first year,so we have a stressful 10day wait to see how much she has lost,the bonuses aquired so far are £941 which doesnt seem a lot for 10years so to say the least she is not happy can anybody please help or give us advice on how to deal with this situation
regards

There plans were obsolete by mid 90s. Good advisers had stopped recommending them by then. A few of the sales forces and stragglers kept going until the late 90s. However, after that, the only way they could be sold was if no adviser was used and it was sold under direct offer basis (adverts).

If you buy via direct offer, then you do not get the same level of consumer protection. You take on responsibility for buying the product. So, to be really blunt here, your wife is responsible. She chose to buy an obsolete product that was never going to be any good

AXA made a clerical error in some of their marketing in a period which allowed a get out of jail free card for a lot of people to get their money back. However, if you didnt buy in that period then you have no-one to blame other than yourself.

Lots of direct to public financial products are rubbish. They do them that way because no financial adviser would go near them. These cashbuilder plans are one example, the over 50s life plans are another, Virgin stakeholder pensions or ISAs are awful and loads of others.

duffs_2

Thanks for your reply,i have just told her to stop paying into it, it seems to be a total waste of hard earned money,she is very upset these people should be ashamed of themselves,it seems they were full of false promises in their advertising.

Kara-archie

wishicouldaffordit wrote: »

i've sent you a copy of my letter via pm - all of those who have used it have received their money.

Thank you wishicouldaffordit for all the guidance. I have just called in for the surrender value of sunlife policy (£100) taken out on 27th nov 03. They quoted £9792 ( so far i have paid in about ~£14100). I did say that it fell in the window for refunds- and the response was- 'this is the way the policy works works':cool:. I am really disappointed
:-(

I plan to write to them and would really appreciate a copy of your letter in order to have an idea of what to ask for.
Thank you
Kara

wishicouldaffordit

Kara-archie wrote: »

Thank you wishicouldaffordit for all the guidance. I have just called in for the surrender value of sunlife policy (£100) taken out on 27th nov 03. They quoted £9792 ( so far i have paid in about ~£14100). I did say that it fell in the window for refunds- and the response was- 'this is the way the policy works works':cool:. I am really disappointed
:-(

I plan to write to them and would really appreciate a copy of your letter in order to have an idea of what to ask for.
Thank you
Kara

Didn't I already PM you a copy of the letter? I'll send it to you again now.

sarahlh

Help!!!

Hi, I have come accross this thread and many others having learn't that the AXA Cash builder plan is not what i thought!

Me, my mum and two brothers thought this looked good back in Feb 2002.

Would we be able to reclaim our premiums?

Please could anyone advise me on best way to go about reclaming our premiums + interest and send me a template letter?

Also any ideas on how much i may get back?
Started on £15pm, now pay £30pm, worked out i've paid in £1980 and recieved £90 at end of 1st year. I think it matures in 2017. I am going to ring them tonight to get more info. on how much I will get if I cash in now.:eek:

Can anyone help? Can some one PM me the letter that I can use as they were bought in 2002 for me and 2003 for my mum?

Thanks

Sarah

gaz100uk

just stumbled on this.. am going to try and find a number to call and get a surrender value on my policy. Matures in june 2015 and paying £60 a month. what is the time period for successfully claiming back payments & interest? would someone mind pm me a copy of the famous letter?

Many thanks in advance and fingers crossed

dunstonh

gaz100uk wrote: »

just stumbled on this.. am going to try and find a number to call and get a surrender value on my policy. Matures in june 2015 and paying £60 a month. what is the time period for successfully claiming back payments & interest? would someone mind pm me a copy of the famous letter?

Many thanks in advance and fingers crossed

The dates in question are those taken out based on advertisements between January 2002 and April 2003 which included comparative data that was itself inaccurate.

If you bought yours before that period then you cant complain. If you bought it after, you have a small window in which you could argue you use an earlier mailshot. You tend to see January 2004 as being the closing point mentioned.

gaz100uk

Thanks for that dunstonh, no luck with that one.. I have just rang AXA and got my surrender value. I think i have paid in £6120 to date and an end figure of £9720 for full term.
My surrender value is £6355.43. They are saying for a 4% growth the maturity would be £11000 & 8% £12900.
What are peoples thought should i cash in now and what is their Tax i would have to pay on this, they wouldnt tell me over the phone.
Many thanks in advance

gaz100uk

Has anyone had one of the policys mature in the last year? Did you get anywhere new the figure ou where given by AXA or did it turn out to be less than you had paid in, seems they only guarantee around 3/4 back.

bobnodgers

i want to cash mine in and go on holiday