Axa Sunlife- Cashbuilder Plus

Coatze_2

I need some serious advice here goes, I HOPE YOU MAY BE ABLE TO ADVISE

I have read a few posts concerning the above Tv advertised investment policies. I can see from some old posts that these policies seem a complete waste of time and money!

My policy runs over 15 years, my first payment being £30 with effect from 01/04/03 and my last payment being £60 on 01/03/18.(15 YEARS TOTAL)

I started my policy on 01/04/03. I started off the policy by paying £30 each month and by each year you payments go up by £6.

Here is how it looks right this min.(Payments in date order)

01/04/03 - 01/03/04 ( 30 x 12 = £360)
01/04/04 - 01/03/05 ( 36 x 12 = £432)
01/04/05 - 01/03/06 ( 42 x 12 = £504)
01/04/06 - 01/03/07 ( 48 x 12 = £570)
01/04/07 - 01/03/08 ( 54 x 12 = £648)
01/04/08 - 01/03/18 ( 60 x 120 = £7200)

Total (Paid into policy over 15 years) = £9714
Total paid to date = £1344

Total sum assured £6,642.00

I can see that Axa were fined £500,000 for misleading advertisement of these policies.

Please see this link

http://business.timesonline.co.uk/printFriendly/0,,2020-9069-1411382-9069,00.html

Considering I took this policy out 1st April 2003(within the period that axa were offering cancellations) do you think I am entitled to my full investment that I have paid up to date or have I left it too late, I have never had any paperwork through from sunlife in order to cancel the policy, where do I stand.

I would be greatful for advice

Kind regards

Lee :mad:

ReportInvestor

Why not give it a go to see if they will repay your premiums + interest?

There are a few people on the site who would be interested in the outcome.

Coatze_2

I am going to ring them first thing, I will post my response as soon as I have spoken to the call centre in India. Wish me luck


09:04

Just remembered that its Bank Holiday. phone back Tuesday.

Coatze_2

Coatze wrote:

I am going to ring them first thing, I will post my response as soon as I have spoken to the call centre in India. Wish me luck


09:04

Just remembered that its Bank Holiday. phone back Tuesday.

Phoned them today.

I spoke to the Indian call centre,

I asked for the surrender value which to my utter disgust is a total of
£427 .Apparently they have changed the way that they calculate the surrender value.

I then stated that when I phoned in Febuary you offered me
£898.12. The lady replied that becuase I was offered more in Febuary 2006 that they would give me the cash value of £898.12.

How on earth can I be offered less than before. It makes me sick, I will have to write to Axa sunlife in order to take this further.

I feel sick :mad:

ReportInvestor

Thanks for getting back to us with developments.

And first of all, congratulations on a piece of personal Money Saving negotiation of which Martin would have been proud .

But this story has a disturbing moral to anyone who would trust their money to insurers .

£427 back for £1,344 invested is going some - even by their standard.

It would be worth checking the Axa Sunlife PPFM document (Principles and Practices of Financial Management) to see if they have broken any of their own guidelines / promises to investors.

Can I also check:

Was your policy one of the Bonus Cash Builder Plus options that paid you back half of the first year premiums or a similar amount? If so, that would obviously impact on the sums.

Coatze_2

Hello

I can confirm that I recived half my money back after the first year.

I had received £180. CASHBUILDER PLUS

I am currently just putting together a little letter to Axa complaints department.

I have previously seen a thread with some information about Axa given its customers the right to cancel along with interest being received. I have never received any letter. Would it be advisable to quote this in my letter,

Many thanks reportinvestor for your advice.

glitter58

Hi I have just seen this thread and I also have an AXA policy which started 14-7-1997 and I never heard of any right to cancel as I didn't get any letters either.
I have been told that the policy is rubbish by other insurance companys but also knew the surrender value was virtually nil.
My policy matures in 2012, I think I will give them a ring tomorrow as this is news to me.

Coatze_2

Glitter58

I have just pasted the following, looks like you may have some problems in getting any where,

The advertisements, some of which featured the television celebrities Carol Smillie and June Whitfield, were part of a TV and print media campaign which included direct-offer promotions distributed between February 2002 to January 2004

aparently if you took the policy out between these dates you were given the right to cancel.

glitter58

Coatze wrote:

Glitter58

I have just pasted the following, looks like you may have some problems in getting any where,

The advertisements, some of which featured the television celebrities Carol Smillie and June Whitfield, were part of a TV and print media campaign which included direct-offer promotions distributed between February 2002 to January 2004

aparently if you took the policy out between these dates you were given the right to cancel.

Thanks for that, I have just rang and have been told the surrender value is £1519.89 for my husbands policy and £1551.72 for mine so as soon as I get the money I will be starting an isa with the lump sum and just carry on with the £40pm we were giving sunlife until 2012.
Thanks for all the brilliant advice on this thread as I am not very good with investments as you probably realised else I wouldn't have been sucked into another rip off like this . :j :j :j

ReportInvestor

A word of caution

If Axa has rejigged its current surrender policy to pay out less for early surrenders in the policy, that slightly alters the odds in their favour and against the investor who is thinking of cashing in and reinvesting the proceeds.

Rather than a reason to say "What can you expect with an insurer? I'm cashing in anyway," it might be a reason to revisit the sums before taking further action.

Unfortunately I won't be reunited with my spreadsheet until next week .

Can I put in a repear request? No-one has yet asked Axa to give them a payout projection for 2006 onwards based on 6% underlying growth in the fund. It would be really helpful to existing MSE Axa investors to have this information.

Andy_Davies

I worked for Sun Life a while ago (over ten years) these policies were amongst their most profitable (and most crap in my view) and so there will be less return for the customer.