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..?

 

[jakeseven7]

Thanks for your update! looks like it took them just over 14 days to even changing the order from pending to complete with tracking information. Anyone else have any anecdotal experience?

I’m up to 15 days on GC orders no email confirmation nothing whatsoever...

FWIW we're gambling that virgin is going to be ok. I'm not going to cash out cents on the dollar.. It virgin comes through we have gained outsized value for a long time with velocity miles so I might be the odd one out on this thread. It seems like everyone has become a epidemiologist/public health expert regarding coronavirus advice, I think the same happens with the future of virgin.

Everyone makes their own choices I suppose. This isn’t the thread really, but we’ve had people very close to the action feeding AFF exactly what has been going on at VA since Jan and everything has come to fruition so AFF is thankful we have people willing to share that discreetly to us.
I think if you did a poll, all of us are hoping VA will pull through in some way shape or form and I truly hope your points remain safe and are usable Good luck.

would love to know how many points have been spent since this started.

Would be really interesting! I would guess hundreds of millions. It’s everywhere.

Virgin made a loss last year and have come into this crisis with a very large debt level which is now far above their value. I have redeemed most of my points but do regret not redeeming them years ago for flights which would have been better value.

So say we all! But Velocity was always woeful with premium cabin avails and I suspect will be even worse once we get through this!

 

[kyle]

I’m up to 15 days on GC orders no email confirmation nothing whatsoever...

I think it's because of Easter holidays. My GC from 5 April are still pending. 4 April and prior GCs have all been received. Still waiting for the Airfryer from Popink to be despatched. Ordered on 3 April. The 14 business days delivery is coming up in a week.

 

[MooTime]

I’m up to 15 days on GC orders no email confirmation nothing whatsoever...



Everyone makes their own choices I suppose. This isn’t the thread really, but we’ve had people very close to the action feeding AFF exactly what has been going on at VA since Jan and everything has come to fruition so AFF is thankful we have people willing to share that discreetly to us.
I think if you did a poll, all of us are hoping VA will pull through in some way shape or form and I truly hope your points remain safe and are usable Good luck.



Would be really interesting! I would guess hundreds of millions. It’s everywhere.



So say we all! But Velocity was always woeful with premium cabin avails and I suspect will be even worse once we get through this!

Nice post, but have to oppose the view of VA availability in premium cabins via reward points. I did it so many times without any issue.
Not so the LA route, maybe your more referring to that route specifically.

Definitely interesting reading this thread last few weeks. I held onto all my 600k+ velocity points, converting to SQ was an option, but no way for vouchers. I'm punting on virgin flying in few months domestically only, like all other Aus carriers. I even booked a reward flight at years end now that reward flights listed again. Thought nothing to lose & if all goes well then many will rush to book reward seats over holiday periods. Although lot less velocity points out there now from recent transferring & redemptions.

VA will get some sort of bridging loan or support package to get back in the air 2020. Only down atm like others cos of gov restrictions.
Lot to unfold still as a side issue to Covid-19 story.
Time will tell.
Best of luck to all in their decisions.

 

[Lomandriel]

I think it's because of Easter holidays. My GC from 5 April are still pending. 4 April and prior GCs have all been received. Still waiting for the Airfryer from Popink to be despatched. Ordered on 3 April. The 14 business days delivery is coming up in a week.

Darn didn't see an airfyer in home and kitchen. Presume it sold out then over the last week? what air fryer was it and how many points if you don't mind me asking?

 

[kyle]

Darn didn't see an airfyer in home and kitchen. Presume it sold out then over the last week? what air fryer was it and how many points if you don't mind me asking?

Philips XXL digital. Not the latest smart one. 103K. Was sold out, even the lower class model, about a week after I ordered

 

[Cryptarcadian]

Does anyone have experience cancelling an order from the store before it's fulfilled? Or returning for a points refund after getting the item? According to the FAQ this is possible, but it doesn't go into details about the process.

 

[earlyriser]

I’m up to 15 days on GC orders no email confirmation nothing whatsoever...

Not 15 days, only 5 or so, but really not sure what to do. Have emailed as per previous suggestion.

 

[Bct]

Received iPad and iPhone today, redeemed 11/4. That's pretty quick

 

[earlyriser]

Anyone going to keep their points into voluntary administration or redeem whatever you can?

 

[jakeseven7]

I think it's because of Easter holidays. My GC from 5 April are still pending. 4 April and prior GCs have all been received. Still waiting for the Airfryer from Popink to be despatched. Ordered on 3 April. The 14 business days delivery is coming up in a week.

Well I hope its in transit because it looks like VA is going into administration tonight.....

I just went on Velocity website and its extremely slow, I'm sure last minute purchases are happening aplenty....

Post automatically merged: Apr 20, 2020

Anyone going to keep their points into voluntary administration or redeem whatever you can?

Well you probably have a couple hours max to decide!

 

[earlyriser]

Well you probably have a couple hours max to decide!

Ah such a difficult and painful decision!

 

[jakeseven7]

Ah such a difficult and painful decision!

I know, but it will have to be a quick decision or it will possibly be made for you

 

[MooTime]

Yeah heard on radio the rumor mill turning harder that Virgin will go into VolAdmin tonight also.

Ah bugger it'll be for many if the case, but see how it all plays out.

 

[deebens]

Well I hope its in transit because it looks like VA is going into administration tonight.....

I just went on Velocity website and its extremely slow, I'm sure last minute purchases are happening aplenty....

Post automatically merged: Apr 20, 2020

Well you probably have a couple hours max to decide!

Can't imagine anything ordered now will be redeemed, will it?

I still have stuff ordered from the 9th and 7th I haven't seen and doubt I will.

 

[jakeseven7]

Can't imagine anything ordered now will be redeemed, will it?

I still have stuff ordered from the 9th and 7th I haven't seen and doubt I will.

I honestly don't know.

There is conjecture around the ownership structure of VA v Velocity and if Velocity will continue to operate or not under administration.

 

[Mr H]

Anyone going to keep their points into voluntary administration or redeem whatever you can?

Keeping my points thanks.

 

[deebens]

Given the performance of the Velocity store right now, I'd say it's on for young and old. Site performance seems way worse than usual.

 

[Dr Ralph]

Well I hope its in transit because it looks like VA is going into administration tonight.....

I just went on Velocity website and its extremely slow, I'm sure last minute purchases are happening aplenty....

Website not slow for me. But make no mistake it will take a miracle to avoid administration.

UPDATE:



Seems the media agrees!



Virgin Australia set for voluntary administration

Virgin Australia is preparing to go into voluntary administration, sources say, unable to survive under the weight of enormous debts and starved of cash by the coronavirus travel shutdown.



Australia's number two airline had already appointed Deloitte to looking at potential restructuring options and the accounting firm is expected to run the administration process, including trying to find new owners to keep it flying.



The pandemic has thrown Virgin Australia into financial strife.

The pandemic has thrown Virgin Australia into financial strife. CREDITARREN ENGLAND - AAP



Virgin's board of directors were meeting on Monday. One well-placed source said the announcement of it going into administration was "imminent".



Virgin employs around 10,000 people directly and supports another 6000 jobs indirectly.

Virgin Australia set for voluntary administration

 

[earlyriser]

Keeping my points thanks.

I'd love to know your rationale as I am thinking of doing the same.

 

[Lomandriel]

why would you keep points now when administration is heading in and that would wipe the redemption of points for seats? That said it doesn't even seem likely that even if you redeemed them today that you'll get anything? Looking dire and a lose-lose situation currently.

Can only hope you will but I placed mine end of last week - i doubt i'll see any of them

Why would suppliers honour it? If i were them I wouldn't (if i wasn't getting paid). Hoping i'm still going to get the wine order at least, which is at least a gin or two haha. Wouldn't count on it though!