Is it Time to transfer/withdraw points from Velocity?

[Bibendum]

Hi All,

I need some advice from the brains trust on this forum.

I, like many on here, have hundreds of thousands of points sitting with velocity. With the current COVID-19 situation and virgins financial position I’m concerned that if the airline was declare bankruptcy points may disappear..

What’s the likelihood of this happening and should I withdraw my points by purchasing gift cards to get some cash value at what I have..?

am I making a mountain out of a mole hill.. or is there a real threat to my velocity points been wiped out..?

 

[westsurf]

@westsurf you'll need to call them which is what a number of us have reported doing...

What number? 131011

 

[AIRwin]

What number? 131011

KrisFlyer 0282281188

 

[westsurf]

KrisFlyer 0282281188

Got answered "relevant department" is extremely busy and to expect call back within 24 hours.

Not surprised.

 

[theblank]

Who owns the shares is meaningless when the company goes bankrupt and no one has points anymore.

the company isnt gong bankrupt, and you suggest people to panic because a trading halt was called.
and Yes, it is very very relevant to your call to panic that only 10% of the company is traded on the stockmarket.

 

[amaroo]

Today I transferred by miserable stash racked up via BP. Other than the regular emails that went to junk I was kinda surprised you could hit a decent 5 figure sum pumping fuel.

Post automatically merged: Apr 1, 2020

the company isnt gong bankrupt,

What authority do you have to confirm this?

 

[psi999]

So I've got a VFF balance a shade over 2M. Not really sure what to do, no real travel plans over the next few years so SQ transfer doesn't really appeal (recent sq21/22 killed my spirit lol). Do I let it ride or cash out for vouchers?. Probably leaning towards all in.... Anyone else with larger balances thinking the same or am I being stupid?

 

[amaroo]

So I've got a VFF balance a shade over 2M. Not really sure what to do, no real travel plans over the next few years so SQ transfer doesn't really appeal (recent sq21/22 killed my spirit lol). Do I let it ride or cash out for vouchers?. Probably leaning towards all in.... Anyone else with larger balances thinking the same or am I being stupid?

I feel for you. We have 5x that with QF and KF, and even more than that warehoused with Amex and STG ..... really the whole game will be changing. There won't be a point or mile that isn't seriously neutered once we get to the other side of this thing.

You didn't ask, but I would transfer.

 

[Mogul]

So I've got a VFF balance a shade over 2M. Not really sure what to do, no real travel plans over the next few years so SQ transfer doesn't really appeal (recent sq21/22 killed my spirit lol). Do I let it ride or cash out for vouchers?. Probably leaning towards all in.... Anyone else with larger balances thinking the same or am I being stupid?

Ride it out.

The Government will not let VA disappear.

Ignore all the scaremongering going on here.

VA have asked for a loan not a bailout. The cost to let them fail would be into the billions and this is why they won't.

 

[amaroo]

scaremongering

Really? How about using less emotion when posting.

 

[Mogul]

Really? How about using less emotion when posting.

How about providing FACTS that they are about to go bankrupt .

 

[Matt_01]

The cost to let them fail would be into the billions and this is why they won't.

Although back in the GFC there were also quite a few banks and insurance companies across the globe that were also too big to fail. VA has been running at a loss for a few years nows.

 

[Mogul]

Although back in the GFC there were also quite a few banks and insurance companies across the globe that were also too big to fail. VA has been running at a loss for a few years nows.

What happened in GFC overseas has nothing to do with what is happening here. How many Aussie banks fell over none, why because the Government stepped in with the deposit gaurantee.

VA and QF until recently has been running at a book loss for a number of years. Have a close look at the numbers and the answer is in there.

 

[Matt_01]

What happened in GFC overseas has nothing to do with what is happening here. How many Aussie banks fell over none...

The GFC was a global problem and from what I read, so is this, please correct me if I am wrong. I seem to recall at least one company that was once touted and the "New Macquarie" or "Mini Macquarie" it was called Babcock and Brown and are no longer with us. There were other supporting business in Australia that also did not survive the GFC.

I am no main stream investor but if VA are already asking for a loan from the AU government and this was knocked back who else will give them financing. Their major investors have problems of their own.

 

[amaroo]

How about providing FACTS that they are about to go bankrupt .

Please explain the FACTS Facts are worth something, particularly when you assert false statements.

 

[amaroo]

Please explain the FACTS they are not, even though I have never asserted they are! Facts are worth something, particularly when you assert false statements.

Look at the post you quoted. Less emotion is good!

 

[Mogul]

Please explain the FACTS they are not, even though I have never asserted they are! Facts are worth something, particularly when you assert false statements.

Maybe go and have a look at what you have posted in the " Is VA financially secure" thread.

Clearly a one eyed QF supporter who just spreads negativity around when it comes to anything VA.

 

[amaroo]

What happened in GFC overseas has nothing to do with what is happening here. How many Aussie banks fell over none, why because the Government stepped in with the deposit gaurantee.

VA and QF until recently has been running at a book loss for a number of years. Have a close look at the numbers and the answer is in there.

Do you realise the Gov bank guarantee is only worth $250,000 per account/ person / entity, per bank. If you have $1,000,000 in cash banked in the same entity, in one institution including all their other brands - your cover is limited to $250K.

 

[Mogul]

Do you realise the Gov bank guarantee is only worth $250,000 per account/ person / entity, per bank. If you have $1,000,000 in cash banked in the same entity, in one institution including all their other brands - your cover is limited to $250K.

Hence why people who had it spread it around different institutions.

 

[amaroo]

Maybe go and have a look at what you have posted in the " Is VA financially secure" thread.

Clearly a one eyed QF supporter who just spreads negativity around when it comes to anything VA.

Quote any post you want. I'm sure they are without emotion, and slander!

Post automatically merged: Apr 1, 2020

Hence why people who had it spread it around different institutions.

All proof Govs do not extend unlimited support .... particularly to foreign businesses.

 

[Mogul]

Quote any post you want. I'm sure they are without emotion, and slander!

You still have not supplied any information of facts that VA

Quote any post you want. I'm sure they are without emotion, and slander!

Post automatically merged: Apr 1, 2020

Still no facts or information that VA won't survive and will be bankrupt, despite indicating and saying it in diffeerent threads.