Help Who Do I Trust!

dunstonh

I dont think there is enough information to give an answer here.

The IFAs should have written to AXA and asked for information on the policy. I would guess that at least one there hasnt. If they dont have the full information, the advice is useless.

A lot of the advice would be based on the amount of the surrender penalty and the remaining term of the policy. Low or no penalty would lead towards surrender. a fairly heavy penalty would lead to paid up and a massive penalty would lead towards keep (particulary if you have some of the better axa funds available and a bit of fund switching was available). However, a cost comparison against what you save against repaying the surrender value of the endowment off the mortgage would need to be calculated. Even a big penalty can still save you more if you surrender and use it against the mortgage.

If your insurability has decreased (on medical grounds), there may be a need to keep the policy from the life cover point of view.

stressedoutmum

Hiya. Its not offshore. We were only abroad for 2 years (forces) and the policy was taken out with a company in Peterborough and paid from a UK account. We were not expats - just HM Forces posted overseas on a British base (Gibraltar). Does this make a difference.

stressedoutmum

Hi Dunstoh. The information was given to the IFAs over the phone. It was based on the following:

latest figures I had from Axa (Lowest Est and Highest Est).
Monthly payment
Date taken out
Amount of time to run.

No one asked to contact AXA or see any paperwork. I know the FSO has because that is how I received the latest figures which showed the surrender value. When I called Axa to ask why I had received this they told me someone must have asked for it because they don't just send it. I am assuming it was FSO as I have not discussed this with anyone else. Should I wait until I receive a decision from FSO before doing anything or am I OK to go ahead and sort it now.

Compensationitis

For the purposes of regulation if the advice was provided offshore there is probably nothing the FSA/FOS/FSCS can do, said that before... BFPO = British Forces Posted Overseas.

HOWEVER, all is not lost until we have explored ALL avenues of redress. I'm interested in this case from a selfish point of view, I am helping owners of policies with other providers but this would be the first with AXA, I need one of each as a test case, no legal expenses but check your home insurance for legal expenses cover in case it gets that far.