Axa Sunlife- Cashbuilder Plus

empresswu

Hi - just joined today & been reading the depressing threads about the waste of time investment policy from AXA sunlife. Here's my story & I wonder if anyone can advise me on what I should do next?

I applied for the Bonus Cashbuilder Plus plan in March 1999 - originally putting in £20 a month for 1st year. After 1st year, got a chq back for £120. The payments went up £4 a year during next 5 years so I'm now paying £40 a month. Maturity date is March 2014.

Somehow the policy is now called AXA Sunlife With Profits Fund.

Anyway, i have paid in total £3760. Min payout is £4428 & on death £4860.

As I opened it before the 2002/2004 FSA period, I dont think I qualify for a claim for mis-leading advice, though I am thinking of cashing it in now & putting the money to work harder elsewhere.

I phoned up AXA today (orig sp to Indian lady but then transferred to Bristol lady) & asked for the current surrender value.... £3895.96 (is that correct - I am making profit????!!). I also asked for projected maturity value - but she said that would be in writing & would take a week. She did ask me was I thinking of closing it & I just replied that I was just having a stock take of my finances & just wanted quotes for now.

my feelings are is that I should get out with minimal injury & run to the bank. For those who have escaped from AXA? is it just a case of phoning them up & asking them to send you a form or do you have to write a letter? I dont think I have any grounds for a complaint.

Any advice greatly appreciated.

ew

baby_boomer

I know it wasn't for the Cashbuilder Plus, but I just saw Michael Parkinson advertising this company's products to the over 50s :eek:

Will he be able to sleep as easily as Carol Smillie ?

I know my opinion of him has just plummeted.

ad44downey

Celebrities will do anything for money. Any old duff product, they couldn't give a monkeys

empresswu

further to my previous post & from reading the massive 20 page thread on how poor this investment is, i made another phone call to the call centre (i called on 0845 732 2223 & spoke to a lovely indian lady who confd that my surrender value was still £3895.96 (£3483.17 + £412.79 bonuses- so i didnt hear wrong!).

She said I would get the form in about 3 days & then get the funds 7-10 days after they rec the form back. No questions as to why I as closing - just gave me what I asked. Painless. Also told me to cancel direct debit when i send surrender form back.

So now, I'll sit by my letter box & wait........

what a lucky escape..

ew

bytie_bit

empresswu wrote: »

further to my previous post & from reading the massive 20 page thread on how poor this investment is, i made another phone call to the call centre (i called on 0845 732 2223 & spoke to a lovely indian lady who confd that my surrender value was still £3895.96 (£3483.17 + £412.79 bonuses- so i didnt hear wrong!).

She said I would get the form in about 3 days & then get the funds 7-10 days after they rec the form back. No questions as to why I as closing - just gave me what I asked. Painless. Also told me to cancel direct debit when i send surrender form back.

So now, I'll sit by my letter box & wait........

what a lucky escape..

ew

Don't for get to tell your bank account direct debit to put a BLOCK ON THIS AXE company otherwise they still steal your money out after once closing.

bluecat

Hi,

I have an Axa cashbuilder with bonus plan the same that have been mentioned, every year I have been thinking if I was getting a good return or not, by the looks of it no! My account matures in 5 years, and I was just wondering with the state of the markets at the moment would I be safer finding out how much I could get back now, invest it in a long term bond, or should I leave it where it is.

fatpig_2

If there's a shortfall in your 'policy' just contact Carol Smilie, I'm sure she'll sort you out with a few quid.

Lena30

Congratulation on getting your money back.

I like Jonathanen took out a Cash Builder plan in November 2001 and wish to surrender my policy, when I inquired to see how much i would receive it was significantly less then what I paid in. I am going to write a letter of complaint and wondered whether anyone could give me a few pointers of what to say or send a copy of their letter via pm
Many thanks

jonathanen

Lena30 wrote: »

Congratulation on getting your money back.

I like Jonathanen took out a Cash Builder plan in November 2001 and wish to surrender my policy, when I inquired to see how much i would receive it was significantly less then what I paid in. I am going to write a letter of complaint and wondered whether anyone could give me a few pointers of what to say or send a copy of their letter via pm
Many thanks

Hi Lena. What's your email address? If you send me your email address to me, I'll send you a copy of my letter to AXA Sun Life.

Here is my email address: [EMAIL="jonathanen@yahoo.co.uk"]jonathanen@yahoo.co.uk[/EMAIL]

Oisins78

Can anyone PM or email me the letter sent to AXA. I contacted them today to cash in policy and was told i would get £1100 but have paid in £1700 and opened it on Feb 2002 (within the mis sold period)