Axa Sunlife- Cashbuilder Plus

mr_sharma

Ditto to the above poster! (took out policies in Feb 2002 -- so perhaps some light at the end of the tunnel??)

Was wondering if anyone else has their stories to share? I can't believe what a con this is!

EDIT - Will post my details on here tommorrow -- hope someone can help.

dalriada

Upon telephoning Axa I've been told that the surrender value of my policy will change on 29th June 2006. They could not confirm if the surrender value will increase or decrease. Should I risk another months payment (by which stage I will have paid them over £1700) or should I just cut my losses and get out even though it will leave me nearly £700 down - this is not counting any bonuses or interest.

RIP OFF indeed to quote another thread.

dunstonh

The surrender penalties reduce annually so it should be worth waiting.

aimme13

ok......now gonna run to my paperwork and dig out that axa policy......i pay £20 a month never even thought about the policy really, now just read this thread and sitting with my mouth wide open.......going to look into this and see if i should cut my losses now!....will keep watching this thread

mr_sharma

Going to post details tommorrow but myself and my family have 3 policies with these people! :mad: (And a friend has 2 policies) Fortunately I think they were all taken out during the 2002-2004 period (which is when their misleading advertising was running).

Not a happy bunny!

mr_sharma

Offices are closed for Bank Holiday so will ring tommorrow.

On two policies (roughly) we've paid in 8,000 (each)

On one policy we've paid in 4,000.

We never received any literature alluding to cancelling any of the policies in light of the "misleading advertising fine" so we're a bit miffed to be honest with you.

I've PM'd the original poster and e-mailed one of the other posters on this thread, any help that can be offered would be much appreciated

dalriada

Keep us informed of what happens with your policies. I'll do the same with mine.

Is there anyone else in the same situation as myself - whereby they took out their policy before the 2002 and the FSA Ruling?

If so what have you done?

E

Coatze_2

Coatze wrote:

An update.


a quick thankyou to this forum and a thankyou to ReportInvestor for some sound advice.

On the original post above I mentioned that I had sent a letter to complain about misleading information. I also requested a payout projection for 2006 onwards based on 6% underlying growth in the fund.

In a response from Sunlife in a letter dated 16th May 2006 the following has been in my reply.

Dear Mr ......

Thank you for your recent correspondence regarding the cancellation of your policy.

I would like to reassure you that the Information given in our September 2004 letter will not affect your policy in any way or influence the final cash sum that you would normally receive from the plan, provided that you continue to pay your premiums. However, because of the incorrect information provided in the comparison figures with a Building society, I accept that your decision to take out the plan may have been influenced by it.

In the circumstances,therefore, if you remain dissatisfied woth your Bonus Cashbuilder plan, we will cancel it from the iytset and refund all premiums paid, taking into account any premium refunds plus interest at the Bank of England base rate plus 1%. Please note that we are legally required to deduct tax at the rate of 20% from this interest.

The amount you will receive if cancellation is appropriate.

iT IS LIKELY THAT THE COMPENSATION YOU WILL RECEIVE WILL BE £1,284.79 CALCULATED AS FOLLOWS:

Premiums paid to date £1,392.00
Less refund after the first year £180.00
Interest deduction base rate 1%, less tax at 20% £72.79
Total £1,284.79

I have opted to take this and stick the cash in a Isa.

This was the bulk of the letter. I was quite surprised that they have agreed to pay out.

Compared to the £898.12 I was intially offered.

Axa however failed to give me any sums or figures relating to the 6% growth.

There is some light at the end of the tunnel and I hope you will gain the same benefits with the help of this site.

All the best

Lee:j :j

In response to the above I have been paid out !!!

They paid me 1334.88 in total. More thanb I was expecting.

Result.

I wish you all have the same stroke of luck I had. Keep this post updated.

Cheers

Ericson_2

I have just picked up on this thread and raked out my paper work, Unfortuntely I took my policy out long before the FSA ruling ( October 1998 ) and is still running. but these postings have forced me to review it

Reading the schedule it says Quote-

Cashing In-

you may cancel your policy at any time by notifying Sun Life. you would get back less than premiums paid, because this plan is designed primarily to provide life cover.


If that is the case I am going to cash in and get what I can, altough I am only paying £14 a month I feel it can get me more than £7,698 of life cover.

ReportInvestor

Ericson wrote:

you may cancel your policy at any time by notifying Sun Life. you would get back less than premiums paid, because this plan is designed primarily to provide life cover.

That doesn't sound like a Cashbuilder policy.