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Axa bonus cash builder plus
antheajamo
Posts: 2 Newbie
Please help.
I decided to look up my surrender value of my policy. Upon buying a house I thought this may come in handy. I purchased the policy in September 03, starting at £10 per month. So far I have paid in £1120. They have told me today the value of my policy is £1079! Is this correct surley not? I dont know where to start also am I in the period of time where they were mis selling?
Thanks
Anthea
I decided to look up my surrender value of my policy. Upon buying a house I thought this may come in handy. I purchased the policy in September 03, starting at £10 per month. So far I have paid in £1120. They have told me today the value of my policy is £1079! Is this correct surley not? I dont know where to start also am I in the period of time where they were mis selling?
Thanks
Anthea
0
Comments
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Is this correct surley not?
Sounds about right. You are only 7 years in and still easily within the early surrender charge period. plus the first few years go totally on charges.I dont know where to start also am I in the period of time where they were mis selling?
Check the main thread as that has the dates on it. I cant remember off the top of my headI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Almost certainly you are not in the mainstream 'mis-selling' era. But that's not to say it wasn't mis-sold.
However, any 'loss' on early surrender is, by itself, no ammunition at all for mis-selling, because you entered into a long term contract. Actually, I am surprised you have been quoted so much being only 7 years into it.
Kepp it for the full term, and you'll probably find it has been decent value.0 -
Almost certainly you are not in the mainstream 'mis-selling' era. But that's not to say it wasn't mis-sold.
I think it possibly is.
AXA plans were not sold under advice. They were bought through adverts. This is how they got away still selling endowments into the 2000s when advisers had stopped many years earlier. When you buy without advice you get less consumer protection. However, AXA made an error on their marketing. It was a small error and no consumer would have really noticed it or it wouldnt have made a difference if they had. However, the FSA got involved and fined AXA and said that anyone who took out one of these plans during the period of that advert can request to have the plan voided and premiums returned plus interest.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks guys, will give them a ring today.0
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