Axa Sunlife- Cashbuilder Plus

keldac

I know this thread is years old but wondering if anybody could help me? I think I know the answer though - I should cash in.

I thought I was buying into the AXA Cashbuilder as a good deal - doesn't appear to be though!

I joined in October 2001 paying £12 per month rising each year until my total each month was £40 per month from year 5 onwards. Due to mature October 2016.

I have just phoned for a surrender value - £2979.16

This is a few hundred pounds less than what I have paid in.

The actual value and guaranteed sum is £5094 - may rise in future years but won't go down. Still not as much as what I would have paid in.

I have recently give up work to look after my sproglets so could do without wasting any much needed money!

I know you can't advise - but opinions would be very nice

ulysses35

Well done to everyone that managed to get most of their money back. I have a slightly different problem. I singed a policy 13 months ago, and staretd @ £100.00 per month. I am 99.9% certai nthat the original sales crap that came with the policy was that the premiums would increase each eyar by 20%... no big deal - however I also remember reading that after 12 months you would receive back 50% of your premiums for the first 12 months.

So here we are 13 months in... reading loads of scare stories about how badly the fund performs - so Im thinking wait for the 50% refund and then cut my losses and cancelt the policy. I have spoekn to a few people at Axa (Bristol) and they all claim to have never heard of this refund policy. When I quiz them how long they have been with the company, all have been there less than 12 months since they closed the Indian call centres.

So anyone out there have a recent document showing the refund deal ?? I have asked Axa for a copy of the original agreement and forms I filled in.... I just have a sinking feeling that Im going to be stitched up.

lisyloo

So it's less than 12 months and you've lost the documents?? :eek:

dunstonh

I have spoekn to a few people at Axa (Bristol) and they all claim to have never heard of this refund policy.

AXA didnt provide the refund on the plan. It was provided by the marketing arm of AXA. So, that is why the staff at Bristol don't know.

barrieo

Hello

I signed up to the "With Profits" plan in 1999 starting at £10 rising to £20 in 5 years, I also got the half amount back in the first year.

In July 2009 i asked for a surrender value and was quoted £2156. I wrang today, almost a year later and was quoted £2604, I have paid £220 in since the first quote so if i am not mistaken I have made roughly an extra £224!

So should I cash it in or let it roll as it seems to be doing ok?

I have piad in about £2340 so stand to make £260, not much over 11 years!! So am i answering my own question and cash it in?

Finaly what is the best saving plan with life insurance coverage going at the mo?

Thanks

dunstonh

Finaly what is the best saving plan with life insurance coverage going at the mo?

There isnt one. That method is obsolete and has been for over 15 years. If you want life assurance, then take out a pure life assurance. If you want investments, then take out a S&S ISA. If you look at the cost of a decreasing term assurance and an S&S ISA and compare it to an endowment the former should beat it every time, as well as being more tax efficient.

barrieo

Thanks for the reply but should i keep hold of this policy till it matures or cash it in now?

Thanks again

tosain210

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.

chunk67

After reading this thread regarding the axa cashbuilder which i took out in april 2003.
I too decided to write a letter requesting cancellation and a full refund with interest.
Within 5 days i had a reply offering me the full refund plus interest minus 20% tax.
First time i have found a forum which actually had usefull information.
Good work to all concerned.:T

tanglewood01

I've just realised there are two threads for this topic. I've posted at the other one:
forums.moneysavingexpert.com/showthread.php?t=2446509

I've had the same experience as most - the offer of all payments back plus Bank of England base rate plus 1%.

The final figure is about £100 more than I was offered as a surrender value.

• I'd be interested to hear how many people did not know about the false advertising? The said they sent me a letter about it back in 2004 but if they did, I didn't receive it.