Axa Sunlife- Cashbuilder Plus

jonathanen

Ouch!! After I have called AXA Sun Life today, the guy told me my cash in value as follows:

AXA 1: £1,909.57 (out of £2,440 Premiums paid to date with £357.24 bonuses to date)
AXA 2: £8,145.26 (out of £10,400 Premiums paid to date with £1,433.25 bonuses to date)
AXA 3: £5,947.33 (out of £7,840 Premiums paid to date with £1,079.29 bonuses to date)

Not a happy bunny!! :mad:

dunstonh

Not unexpected. The AXA plan was obsolete around 12 years ago let alone when you bought it. These old fashioned plans always penalised early surrenders heavily.

jonathanen

Hi dunstonh,

I need your help, please. Shall I write a letter of complain to AXA? As I noticed my annually bonuses always going down to 1.25% instead of 4%, 6% & 8% that they mention in my documents and I'm not happy with my cash in values for my three AXA plans:

AXA 1: £20 - Started from 19/10/2001
AXA 2: £100 - Started from 06/08/2002
AXA 3: £80 - Started from 16/10/2002

jonathanen

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

Thank you! Thank you! Thank you! I just received a second letter from AXA today, and this time is the best news!! Its looks like I have the same and best outcome as Coatze! They better refund all my premiums back in full with interest otherwise FSA will put AXA out of business, period!! Lovely and sweet.... I'll scan a copy of my letter to AXA, plus all the letters from AXA to me as well, after I have post my AXA cancellation request form to confirm cancellation for both AXA Sun Life policies.

Jonathan.

geepster

jonathanen wrote: »

Thank you! Thank you! Thank you! I just received a second letter from AXA today, and this time is the best news!! Its looks like I have the same and best outcome as Coatze! They better refund all my premiums back in full with interest otherwise FSA will put AXA out of business, period!! Lovely and sweet.... I'll scan a copy of my letter to AXA, plus all the letters from AXA to me as well, after I have post my AXA cancellation request form to confirm cancellation for both AXA Sun Life policies.

Jonathan.

Hi Jonathan,
I have no doubt that AXA will pay you and, once you have returned the appropriate documentation that they send you, they pay out quite quickly.
I cancelled my policy and received the money within 10 days.
A thousand cheers for this forum because without it I wouldn't have got the full amount back that I paid in.:j :j :j :j :j :j

JLID37

I've never found it necessary to join the MSE forum until today - AXA have annoyed me so much and I need some help!

I have an AXA Sun Life Cash Builder Plus Plan that I started in Dec 1998. I started paying £10 a month (as a poor student) and is now £20 a month - not loads of money I know but enough to save and with the projections given when I joined, a nice little profit!

I have noticed that over the last few years the bonus payments are becoming less and less.
1998 Bonus Notice = £19.50 New Bonuses
1999 Bonus Notice = £78.64 New Bonuses
2000 Bonus Notice = £81.19 New Bonuses
2001 Bonus Notice = £83.83 New Bonuses
2002 Bonus Notice = £53.27 New Bonuses
2003 Bonus Notice = £33.96 New Bonuses
2004 Bonus Notice = £34.38 New Bonuses
2005 Bonus Notice = £34.81 New Bonuses
2006 Bonus Notice = £35.25 New Bonuses
2007 Bonus Notice = £57.10 New Bonuses

Bonuses Totalling £511.93

To date I have paid in £1980 in payments (payed in advance up to Sept 2008).

I contacted AXA today (09/June/2008) to find out how much I would receive if I terminated my 15 year policy early as I was unhappy with the bonuses the policy was returning - they stated I would receive £2232.14.

When I stated that this was only £252 extra to what actual payments I had made and questioned if this included my re-organisation bonus (as I had my policy before 01/Jan/2001), I was informed that I was not entitled to the re-organisation bonus and that "this is the maximum amount".

What do you all think.
Is this a fair amount?
Should I write to AXA and complain?

Please help.
J x

jonathanen

jonathanen wrote: »

Hi everybody, I need your help!

I have three AXA Sun Life Bonus Cashbuilder Plus plans as follows:

AXA 1 - Date Started: 19/10/2001 Amount: £20 per month Paid to date: £2,440 Bonuses to date: £357.24
AXA 2 - Date Started: 06/08/2002 Amount: £100 per month Paid to date: £10,400 Bonuses to date: £1,433.25
AXA 3 - Date Started: 16/10/2002 Amount: £80 per month Paid to date: £7,840 Bonuses to date: £1,079.29

Due to bad circumstances has happened to my regularly full time position at my work have changed to part time, which I have to force myself to cash-in all my three plans early. But I'm not sure what to do? Shall I call them ASAP via 0800 free phone number and tell them to cancel all my three plans? Also, I'm not sure how much will I get back from cashing in early by nearly six years period for both AXA 2 & AXA 3, where abouts my AXA 1 plan is nearly 7 years now.

"What happens if I stop paying my premiums?" page from http://www.axa-sunlife.co.uk/bonus_cashbuilder_plus_plan/asld/keyfeatures.html link doesn't shows years from 6 to 9, so I'm not sure how much I might get back exactly.

So far, I have received three cheques in the past as follows:

AXA 1 - Amount received: £120
AXA 2 - Amount received: £600
AXA 3 - Amount received: £480

Thanks,
Jonathan.

Excellent news for me so far!! AXA Sun Life has offered me as follows:

AXA 1: £1,916.59 (out of £2,440)
AXA 2: £11,000.32 (out of £10,400)
AXA 3: £8,244.82 (out of £7,840)
Cheques: £1,200 (half of my 3 premiums paid after the first year)
Total: £22,361.72 (out of £20,680)

All thanks to this forum and Financial Services Authority (FSA), as well with all my research on the Internet, all it only takes to write one letter of complaint to AXA Complains Dept saying about misleading information - referring to FSA ruling between February 2002 and January 2004 according to this link: http://www.fool.co.uk/news/comment/2004/c041221e.htm, then all you can do is wait and relax - from the comfort on your armchair or having lots of fun while relaxing inside your bed, covered yourself nice and warm with king sized duvet (like me and I can't help it!) - having all entertainment in your fingertips, feeling very comfortable from your own bed, while waiting for this rip off merchant to sweat, leaving them to work out what to do, sending you back a few replies by post - letting you know some updates with the situation, with a few forms as well, all you have to do is fill it out, post the form(s) back to them, and continue whatever you doing before - having lots of fun, then with in ten days, CHI-CHING!! Cash paid into your bank account without you knowing anything about it unless you go to the bank and get a mini bank statement from ATM machine (like I did), and transfer all the money into another savings account, job done!! No more money troubles anymore!! Go on! Treat yourself!! :j:j:j:j:j:j

Lovely and sweet...

Ah, by the way, while I was researching for more information about AXA Sun Life Bonus Cashbuilder Plus on the Internet, here are the links I saw:

• http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/12/22/cnaxa22.xml
• http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=396566&in_page_id=1
• http://www.fsa.gov.uk/pages/library/communication/pr/2004/111.shtml
• http://www.guardian.co.uk/money/2004/dec/22/watchdogs.business

saram613

I have today received my second letter from axa sunlife with compensation amounting to £2533.21 made up of total contributions to date £2240, plus interest at the bank of england base rate plus 1% less tax at 20%.

Thanks to everyone who has contributed to the axa sunlife threads on this forum, i took the advise and wrote to axa requesting a full refund plus interest for misleading advertising etc etc and after 5 weeks the money is now in my bank!

One Very Happy MSE reader!! Thanks again to everyone.

bo_drinker

I received the first letter from them today, a quick response. They are looking into my case and will be in touch within 4 weeks. Heres hoping as I bought into it in 2001.

napoleon

Where's Carol Smilie hiding now?