Axa Sunlife

Gambit

Yeah I'd like to say a big thanks to everyone on this board as well especially ReportInvestor!

Thanks to dunstonh too as I suppose this is the best way of looking at it...

dunstonh wrote:

I also want to add that the above comments are correct in that you may lose some money by pulling out but if over the remaining term its cost you more to stay, then you are not really losing that money now but reducing the potential for greater loss. Sometimes you have to take one step back to allow you to go two steps forward.

sylblake

I would also like to thank everyone for their advice. I received £1640 today, I had paid in £1780 during the past 9 years & had 6 years left to go. I was paying £20 per month so decided to put the £1640 into a savings a/c & pay in the £20 per month as I would have done to Axa. At least I know my money is safe for the next 6 years until I retire.

Thanks once again to all.

aliasojo

Just in case there is anyone else who is in the middle of the cashing in process, I suggest you phone to confirm everything.

The 1st surrender form that was supposedly sent out to me went walkabout and hasn't been seen to this day. I waited over a week before phoning for another. The 2nd arrived and was returned to them the following day by Recorded Delivery.

10 days later...still nothing. Phoned them to query and they have no record of receiving my form.

I then called back with the Recorded Delivery tracking number and lo and behold they find it 'in their system'.

Forgive me for being cynical but I'm not the only person this has happened to.....I wonder if an extra few days floating about their system makes them much in interest?

It will be another 10 days before I get my cash. Not best pleased. It was going to my mortgage so I'm paying more interest than I would have done if they had got their act together.

Gambit

I was apparently sent out a surrender form as well as a new direct debit mandate. Funny how only the direct debit mandate made it to me... Will call to ask for another one me thinks!

aliasojo

Make sure you send it back by Recorded Delivery. If I hadn't had the delivery number to put them on the spot with, I wonder if my form would have stayed 'lost' and I'd have had to wait for yet another to have been sent out, thus ensuring more delay.

ReportInvestor

This had me rolling in the aisles :rotfl: :mad:

Insurers launch customer feedback plan to restore investor confidence.

".....The Association of British Insurers said 26 companies, including insurance giants Norwich Union, Prudential and AXA Life, had signed up to its Customer Impact Scheme. The scheme aims to improve the service people receive from insurers by developing products to meet customers' needs, providing people with clear information and good service when they buy products and providing a high level of after sales care...."

aliasojo

Absolutely fizzing now. Called Axa again just to see when I can expect my funds to show up.

I'm now told that they changed the way they work out the bonuses on 15th March so that's what was holding up my payout. Funny how they would have received my first form just before that, I wonder if that's why it went walkabout...so they could deal with my surrender form under this new regime. They got my second form on the 17th but it was the 29th before it was dealt with.

Anyway, I'm told it will take 5 working days from tomorrow to show up in my account. So that's at least 4 weeks for something that was supposed to take 5-10 days.

I suppose they've done me a favour really.....I now know not to touch them with a bargepole in future.

I hope no-one else has this hassle.

glitter58

Hi I also rang and asked for my surrender values as well, here are my details.

Started 5-7-1997 maturity date 4-6-2012

Initial monthly premium= £10 increasing by £2 every year until maximum £20 from july 2002 - 2012
Guaranteed minimum cash sum = £2181
Guaranteed life cover £2430

Projected values after 15 years= 5% £4020 / 7.5% £4360 /10% £4800

Husband: last payment 4-4-06 = £1459.67 plus bonuses £60.22 = £1519.67

glitter58

Sorry these are my details the ones above are my husbands !!!
Started 5-7-1997 maturity date 4-6-2012

Initial monthly premium= £10 increasing by £2 every year until maximum £20 from july 2002 - 2012
Guaranteed minimum cash sum = £2209
Guaranteed life cover £2430

Projected values after 15 years= 5% £4070 / 7.5% £4420/10% £4860

Mine: last payment 8-4-06 = £1489.66 plus bonuses £62.06 = £1551.72

Thanks to everyone who has given advice on here you are all stars!.

On looking at these figures would it be better to dump it now as it is all mumbo jumbo to me.
I know you cant really tell me what to do but a little glimmer of sense would be a great help.
I will then decide what to do as I am inclined to use the money for an isa not that I am any more clued up on what that is either Lol!
Thanks in avance everyone.
J

sylblake

I am sure the 'experts' will be able to give much sounder advice than me. After weighing up the pros & cons from the previous posts I decided to withdraw my money & put it straight into an ISA. I am still adding the monthly payment I would have paid to it each month.

At least I know my money will still be there in a few years time, ISA is tax free so no tax deducted, & will have a bit of interest each year.