Axa Sunlife

rosendal17

Hi all ! New to site.......was directed here while looking for a solution to the AXA problem . I think my policy commenced around 2000/01 . Do I qualify and can I ask to be reimbursed plus insterest?

thanks

dunstonh

rosendal17 wrote: »

Hi all ! New to site.......was directed here while looking for a solution to the AXA problem . I think my policy commenced around 2000/01 . Do I qualify and can I ask to be reimbursed plus insterest?

thanks

I cant remember the dates but they are mentioned in the thread a number of times. Take a read of it and you will see.

rosendal17

I took out the policy in 2003 for a 15 year plan starting at £15 per month and am in yr 9 now and paying £30 pm. I rang them to get a quote of how much it woiuld be if I surrendered my policy and they quoted around £2400 which is roungly how much I've already paid in. I told them that I took out policy as savings plan and not life assurance and they advised that the life assurance is part of the policy and mentioned that I would be putting in letter to reclaim all my payments plus interest - they told me that they unaware that I could this and told them that FSA had fined them for mis-advertising these policies and they tried to say that they were unaware of this and if I was going to write to them for this that I should include the FSA information about this so that they could look into this.

Is it worth reclaiming or leave it in for the duration of the policy which is in 2018 - any advice would be helpful in order to make a decision

thanks

wishicouldaffordit

you need to write and ask for all your money back plus interest - do you want a copy of my letter everyone has used?

rosendal17

I would really appreciate a copy of the letter you have used for reclaiming the payments.

Thank you so much!:)

eranou

rosendal17 wrote: »

I took out the policy in 2003 for a 15 year plan starting at £15 per month and am in yr 9 now and paying £30 pm. I rang them to get a quote of how much it woiuld be if I surrendered my policy and they quoted around £2400 which is roungly how much I've already paid in. I told them that I took out policy as savings plan and not life assurance and they advised that the life assurance is part of the policy and mentioned that I would be putting in letter to reclaim all my payments plus interest - they told me that they unaware that I could this and told them that FSA had fined them for mis-advertising these policies and they tried to say that they were unaware of this and if I was going to write to them for this that I should include the FSA information about this so that they could look into this.

Is it worth reclaiming or leave it in for the duration of the policy which is in 2018 - any advice would be helpful in order to make a decision

thanks

What is the name of the product you have with them?

dunstonh

I told them that I took out policy as savings plan and not life assurance and they advised that the life assurance is part of the policy and mentioned that I would be putting in letter to reclaim all my payments plus interest

Its an endowment. It is required by law to have a life assurance element to be classed under the life assurance tax wrapper. It isnt life assurance in the same respect as a level term assurance though. So, as a reason for complaint, that is about as weak as you can get. Expecially on a direct to provider application.

wishicouldaffordit

rosendal17 wrote: »

I would really appreciate a copy of the letter you have used for reclaiming the payments.

Thank you so much!:)

I've sent you a private message with a copy of the template letter

rosendal17

I think its a bonus cashbuilder plan

thanks

robbarnes009

hi all, I took out a 15 year with profits plan with Axa back in July 1999, the idea was for a lump sum to give to my 1 year old son for his 16th. I started paying £20 per month which increased by £4 per month for first five year then was capped at £40 per month. I received a cheque after the first year for half of the sum I had payed out, £120. I have a bonus certificate from 2007 which says I have earned £817.32 on my money paid in so far.
my plan worked out as paying in £6000+ I think over the 15 years, I am now only 20 months from the plan ending (20x£40=£800) is it worthwhile carrying on or surrendering and attempting to get an early payout?
if I were to keep in the plan would I get back what what I have paid in plus my bonus to date, (£817 as of 2007?)
If I surrender I gather from previous posts I may have to send a letter, would someone be able to send me a template for this please.
thanks in advance for any/all advice received.