Axa Sunlife- Cashbuilder Plus

tilaki

hello everybody.
i have been reading the posts on this topic, and con honestly say im non the wiser except, to cancel and save my money elsewhere.
here goes my story.
started a cashbuilder/smiley/axa/whatever it is(beginning to think ripoff) in1997.
am currently paying 40 pounds per month and the policy will/should mature in 2012.
i hvnt spoke with axa, as i have just started to wonder whats hppening with my investment due to the economic CRISIS.

can some body tell me to cut and run or stick with it?

i would appreciate any feedback.

thank you in advance
tilaki.(greek word for matilda, or "little tilly")

lealaw

I too took out a Bonus Cashbuilder Plus Plan within the dates they were fined for. I rang and was told I'd receive £1513.16 but I'd paid in almost £2000 so I wrote to complain, heard nothing back but after the 4th irate phone call received a letter telling me my policy was taken out on a direct sale basis so no advice was given. Are they just trying to fob me off or is my policy different? Also the letter says they are unable to refund the premiums as they have been used to cover the cost of insuring my life since the policy began! Does this mean i lose everything? And if so, why did they offer me £15oo originally? Should I just take the money and run or keep fighting?

pebsham

Can anybody tell me whether these policies are able to be sold elsewhere like endowments are? Some years back I sold my endowment policy for considerably more than the originals sellers offered. I have one of the ridiculous cashbuilder plus policies with 4 years left on a 15 year policy. The surrender value I have been offered with bonuses is slightly more than i have paid in.

baby_boomer

lealaw wrote: »

after the 4th irate phone call received a letter telling me my policy was taken out on a direct sale basis so no advice was given. Are they just trying to fob me off or is my policy different?

They're trying to fob you off.

It was the dodgy adverts - criticised by the FSA - that boosted the direct sales.

Tell them that you will be forwarding all past & future correspondance on the issue to the FSA & the Mail on Sunday unless they fork out pronto :rotfl:

Good luck and keep us informed - you should be successful .

pebsham wrote: »

I have one of the ridiculous cashbuilder plus policies with 4 years left on a 15 year policy. The surrender value I have been offered with bonuses is slightly more than i have paid in.

Finally - someone "in profit" with "with profits". If you entirely ignore 11 years of inflation

pebsham wrote: »

Can anybody tell me whether these policies are able to be sold elsewhere like endowments are? .

They won't be worth enough to be traded on the TEP (Traded Endowment Policies) market.

The TEP market also depends on some expectation of terminal bonuses - but the chances of a terminal bonus on this policy are about the same as worldwide nuclear disarmament.

dunstonh

I disagree with baby boomer... potentially.

but after the 4th irate phone call received a letter telling me my policy was taken out on a direct sale basis so no advice was given. Are they just trying to fob me off or is my policy different?

They are correct. If you do not use a financial adviser when purchasing a financial product you have no consumer protection as to the suitability of the contract and cannot complain about it. It is one of the risks of going DIY.

However, there is an exception and that is if the provider has given out incorrect information. This is where AXA fell foul for a limited period and why so many people have been able to get their money back. If you feel within that period then its an easy complaint and AXA have to offer your money back as that was the FSA ruling. If you didnt fall within that date they have no claim to answer and are quite right to reject your complaint.

baby_boomer

lealaw did say that his/her policy fell within the relevant dates.

pebsham

My wife and I both have one each that has a surrender value of £7000 is that still too low for secondary market sales?

baby_boomer

The value is high enough.

But Axa Sun Life doesn't seem to be on some market makers list.

Try putting them into this drop down box for instance

If you can find anyone who buys them, please post as it would be of great interest.

lealaw

Good news! I rang the direct number on my last letter and said I didn't understand what they were telling me. The woman I spoke to said the 4 people I had previously spoken to hadn't recorded the fact that I had taken my policy out within the relevant dates so she would forward my details to a higher dept. I didn't hold my breath but lo and behold the very next morning, I received a letter telling me I am entitled to a full refund plus interest. Thanks to everyone for all your help and advice. xx

JMW77

I have a policy with Axa £200 month i pay in this was started in 2000 and ends in 2015 .

Please can someone tell me what i against should i do ? what have you done and i am entitled to claim against miss selling any advice would be appreciated.?