Axa Sunlife- Cashbuilder Plus

thesillysaver

Hi Everyone,

First time posting on this forum after searching Google for advice on
Axa Sun Life Cashbuilder plus policies.

I had not received anything from Axa for over a year and so decided
to search the interent for some info on the Cashbuilder Plus plan I
took out some 8 years ago... that search led me here!

I cannot believe my discovery, I feel kinda stupid as I thought my
investment although small was like money in the bank.

I knew nothing of this £500,000 fine from the FSA and was most
definitely one of the mugs drawn into Axa by the famous celebrity
ads back in 2002/2003.

Anyway just called them minutes ago for the settlement figures on 3
small cashbuilder plus policies.

#1 Paid In - £1,660 Settlement Figure = £1,625
#2 Paid In - £2,840 Settlement Figure = £2,839
#3 Paid In - £1,420 Settlement Figure = £1,398

These figures include the so called bonuses which I have received in
the post over the past few years.

It looks like I am losing out on all bonuses for the 8 years and not
even getting back what I've paid in.

After reading through many of the posts here can anyone offer any
advice? How do I submit a complaint for the FSA situation or am I
too late for that now?

I just assumed all was okay and it was a sound investment, silly me!:(

Any advice would be appreciated.

Thanks.

caramba

hi, can anyone send me the letter template to claim the refund from AXA, thank you in advance

jonathanen

tosain210 wrote: »

I took out the cashbuilder bonus in March 2003 and I did not know anything about their misleadng adverts until i came unto this forum. After reading jonathanen's excellent news, I decided to give it a go. I sent the first letter end of Dec 2010 and did not get a reply, then I sent a second one 3weeks after the first one, i still did not get a response. By the time i sent a third letter, i was angry and stated that i will cancel my direct debit and report them to the ombudsman. Then, i got a respond stating that I will get my contributions with interest less tax at BoE rate plus 1%. This letter came on the 23 Feb and got the money in my account the next day.

Total contributions = £7,600 less £300 pay back in first year= £7,300
interest after tax = £737.12
total payment = £8,037.12

I'm quite pleased with that.


Thanks jonathanen, i couldn't stop laughing after reading your post.

OMG! It's a long time!! I haven't visited this forum for quite long time, as I've been very busy with other things! I guess that I can say "Welcome back" to myself, lol!

@tosain210: Firstly, I want to say thanks very much for reading my post!! And you're very welcome, by the way! I'm so, so happy that you have the excellent news too! And secondly, I want to say Congratulations!! I'm very glad that you decided to give it a go and you did it, but I can't believe that you have to send your letter to AXA three times!! What's wrong with these people?? I'm extremely happy that you didn't give up, you just keep on fighting until they will co-operate, they should be very ashamed with themselves!!

As for the letter I send to AXA Sun, I've send Coatze a PM or left a message / post #41 on this forum for Coatze and waited, but didn't reply back to me at all, so I had to make up my own letter using Microsoft Word in the end and send it to AXA.

Even now, I still can't stop laughing after finishing reading both your post with excellent news and my old post #48! Once again I want to say Congratulations!!! And to say thank you for thanking me too!

Have fun and enjoy,
Jonathan.

caramba wrote: »

hi, can anyone send me the letter template to claim the refund from AXA, thank you in advance

@caramba: Hi, you can download a copy of my letter template at jonathanen.com/pages/AXA/AXA_Letter.doc (copy and paste the link in your browser and it'll download automatically, otherwise if it doesn't, add www. before jonathanen.com/pages/AXA/AXA_Letter.doc and press return to download it for you to make some changes using Microsoft Word) and let me know how it go with the outcome!

Oh, by the way, I almost forgot to add all the letters from AXA to me as promised, showing with the outcome as well, here they are as follows:

1. Friday 9th May 2008 Letter: jonathanen.com/pages/AXA/9-6-08a.jpg
2. Tuesday 20th May 2008 1st Letter: jonathanen.com/pages/AXA/20-5-08_1a.jpg
3. Tuesday 20th May 2008 2nd Letter: jonathanen.com/pages/AXA/20-5-08_2.jpg
4. Monday 16th June 2008 1st Letter: jonathanen.com/pages/AXA/16-6-08_1a.jpg
5. Monday 16th June 2008 2nd Letter: jonathanen.com/pages/AXA/16-6-08_2a.jpg

Grr!! This site won't allow me to post with links!

Good luck,
Jonathan.

P.S. Everybody can use my letter template too from my link as shown above and please let me know with the outcome!

experience08

ha ha, does this mean people have to give back the FREE VHS/DVD player & Parker pen with AXA written on it?

jonathanen

experience08 wrote: »

ha ha, does this mean people have to give back the FREE VHS/DVD player & Parker pen with AXA written on it?

Oh, yeah!! That's reminds me... My free gifts from them was Fujifilm Nexia 30 Auto Focusfree Camera (APS) with pouch & hand strap (but it got stolen when my house got robbed back in July 2003), with only 3 more shots remaining before the whole 35mm film is full and that was the best gift out of the two other gifts, AM/FM Radio Phone & portable CD Player, and I still got both of them boxed & unopened!!

I think they can't be bothered asking for the free gifts back to them, lol!

KittyLady

I took a cashbuilder plus back in august 2002 which I'm seeing falls into the period that should be able to get a refund. They never wrote to me back then and I've only just dug the details of the policy out. I'm going to send the letter off and see how it goes.

justjuice

Am really pleasantly surprised and happy for all those who have successfully had all monies returned, incl interest! I too have a couple of Cashbuilder Plus plans taken out during the "get out of jail free" dates.

I initially phoned AXA, to be told that as I'd been covered by their "life cover" on the plan all these years, I wouldn't be able to get back all the payments as ruled by the FSA. According to AXA's blurb at the time, in response to the FSA's 500K fine, they said they would offer a full refund to all affected policyholders. I NEVER got such an option, and I'm sure neither did many of you!

I sent an initial letter to AXA on Sept 20th, using jonathenen's draft (changed slightly), but by 20th Oct had got no response. So I've sent a chasing letter, stating that under the FSA guidelines, AXA have to be allowed eight weeks, following my initial complaint, to respond. If still no response by end of November, or an unsatisfactory response, I'll involve the FSA in pursuit of a full refund.

I also asked for a surrender value, and noticed that it is only about £100 less than a full refund incl approximated interest calculations. So worst case would seem to be losing £100 on each policy. BUT it's a matter of principle. And also the fact that I was told this surrender value can change at the moment I send my surrender form in!!! Cheeky Rascals!

I'll let you know what happens.

justjuice

A day after posting the above, I received a letter from AXA exactly the same as Jonathenen's, offering a full refund plus interest! Pleasantly surprised that the final figure was a little more than I was expecting!
Needless to say I sent the form off duly signed (no need for a stamp either!), and now await the money transfer! Can't wait to clear my outstanding credit card balance! A result!!!

KittyLady

I ended up giving them a call, a nice lady told me I'd be getting £1944 back which is a few hundred more than my premiums. I have a boiler that needs repairing so I'm very happy with that and the paperwork is on its way to me.

Update.
Recieved paperwork on thursday last week and sent it back the same day.
Money appeared in my account today, the tuesday afterwards.

Thank you everyone, getting this money back has come at just the right time for us.

jonathanen

Hi Everybody,

I've decided to put up a copy of my letter template send to AXA Sun Life, photos of all the letters from AXA Sun Life send to me, showing the links that I've found out while I was researching on the Internet to make up my letter in Microsoft Word Format and my AXA Sun Life story all onto 1 link from my web site - http://www.jonathanen.com/pages/AXA/AXA.htm

Regards,
Jonathan.