AXA Sunlife Bonus Cashbuilder Plan

CreativeSprout

I'm writing this as a new thread though I know it's probably old ground for many but I could do with some advice, or rather recommendations(!) as my maths brain is far from perfect...

I started a 15 Year AXA Sunlife Bonus Cashbuilder Plan in May 2002 and have just called them to find out a surrender value which they have given me a telephone surrender value of:

Plan Value: £3,719.83
Bonuses: £457.57
Total: £4177.40

I've worked out that I have paid in more than the plan value:

Year 1: £240 (- 50% Rebate = £120)
Year 2: £288
Year 3: £336
Year 4: £384
Year 5: £432
Year 6: £480
Year 7: £480
Year 8: £480
Year 9: £480
Year 10: £480
Total Paid In: £4,080

I'm hoping that somebody can confirm to me that this isn't financially a beneficial policy for me to continue and that I should surrender it now, but from looking around I've also found some information to suggest that I took up the policy during a period where the Axa's small print wording was wrong and that this may be something that can help me out of this annoying scheme whilst reducing any overall loss.

Can anybody help clarify my situation and recommend (without advising!) my course of action please?

Thanks and apologies if I'm going over old ground for some/many!

dunstonh

It was an obsolete plan when you started it. Now, it is a real dinosaur. If the surrender value is more than its current value then personally, I would take the money. However, that is just me.

MoneySaverLog

Did they give you a free parker pen just for applying by any chance?

CreativeSprout

Yes, that's what hooked me in. I've still got it today and it's the one thing that I do feel I've got out of them!

premierfella

A quick search of the forum turns up this thread (there are probably others):
https://forums.moneysavingexpert.com/discussion/182903

Since the thread spans 5 years I'm guessing that anything you need to know in terms of communicating with AXA Sun Life to try and get a better result, based on the misleading advertising, than just surrender value will be in that thread.

CreativeSprout

Thanks for the replies. I'm presuming the information in the threads are still relevant and I'm not too late.

I've worked out that I should be able to recoup an additional £100 at least on what they're currently offering (if my maths is correct) by making a complaint and as the overwhelming opinion is that this policy is/was pretty terrible and I was all too easily seduced by a beaming Carol Smillie and parker pen I think it's the best course of action. £100 is a lot of money to me!

I'm presuming I should keep this thread updated with any responses I receive...?!

Gemster01

Hi, what number did u contact Axa on? I have one of these plans that I want to cash in but have lost the paperwork.
Thanks

CreativeSprout

Call them on 0845 732 2223 - none of the numbers I tried on saynoto0870.com worked!

Just to advise, by writing a letter I received an additional £300+ on what I was originally offered, so have accepted!

rochepot

Hi

I just found this thread as I was thinking of cashing in my policy as I am finding it difficult to afford the premiums. I have realised by reading this thread I was misled by incorrect information as I took out the policy in march 2003. I am a bit confused how to work out how to get the right information to either surrender the policy or to go via the complaints route. Can I ask them to give me information on both and is it better to do this by phone or letter? If any one can advise I would be grateful and if not I am grateful anyway for the heads up on this thread.

many thanks for any help

dunstonh

I have realised by reading this thread I was misled by incorrect information as I took out the policy in march 2003. I am a bit confused how to work out how to get the right information to either surrender the policy or to go via the complaints route.

If you fall within the window where they made the clerical error then you get lucky. All you need to do is complain that you feel the advert was misleading (nothing else - just that) and that you want the policy voided. They will return your premiums plus interest (minus any year 1 or 2 incentive they had - like return of premiums for 6 months or whatever). However, if your surrender value is higher than the premiums then you may wish to consider that option instead.

They will probably treat any enquiry as to the refund of premiums as a complaint and start the process to void the policy as the front line staff will not have the capability of working out the return if the policy is voided. Only the complaints team will.

banner188

I have been trying to surrender two of these policies for the past 3 months. Axa are terrible. I kept asking for the surrender forms and they kept failing to send them. After numerous phone calls and two months I asked for them to be sent by recorded delivery and they said it would take 2 weeks so I said no chance.
Then I wrote a letter to surrender them manually and they stalled me by saying I'd missed some information.
Now I've sent another letter with all they asked for and it has been over 2 weeks since I've heard a thing!

ps. Does anyone know what it means when they say the bonuses are not guaranteed?