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..?

 

[kyle]

Don't even know which orders the email refers to. I have orders pending from 3 April (from Popink), 5 April and 11 April (both JB).

 

[tomlee1986]

sounds like they are still processing orders and people are happy about it lol

 

[deebens]

Yep got the same. Orders on 7th and 9th, plus whisky at the wine store. Only one email though, assume it covers everything.

 

[tomlee1986]

I have a feeling they will process all orders prior to shutdown.. hope this gut feeling is correct

 

[MooTime]

Yes, but that's becuase we haven't opened our restrictions yet - no one is booking travel. I don't blame them. once restrictions worldwide cease the 'norm' for reward seats will likely change for qantas award seats?

The qantas topic (i opened it) i think is preliminary and akin to Virgin before march... not an issue now but always good to 'stay tuned' given how fast moving things are.

Post automatically merged: Apr 22, 2020

Hence why i referenced a few other users. Some quoted some screenshots - if made up, fair enough, but you'd presume no one here would be making up screenshots and items just to troll or spread false news? One notch above facebook here on AFF i would hope.

Then why not book before the hordes get in & book the popular reward seats note.

Fair enough wait till all confirmed, possible devaluation of points, hey in with the rush to book a holiday booking, ha.

Many good times ahead.

 

[Rangalad]

Got the same email - gift card ordered late afternoon April 20.

Same here. Rebel Sport gift card ordered 05 April, just got the same email.
No reply to the delayed luggage claim.
Not holding much hope.

 

[Bct]

Virgin Australia will pay out Velocity points in cash if it collapses, with money from a secret trust

Virgin Australia will pay out Velocity points in cash if it collapses, with money from a trust

Virgin Australia’s Velocity points will be paid out to its members if it collapses, the embattled airline has revealed to Business Insider Australia. No matter if the airline is sold or liquidated, a secret trust is in place to protect the program against the worst case scenario. While remaining...

www.businessinsider.com.au

 

[MooTime]

This thread should be relabeled First world problems.
By jingoes.

 

[jakeseven7]

This thread should be relabeled First world problems.
By jingoes.

Its a discussion board, on a frequent flyer forum, what else do you expect.

Back to your paddock MooTime

 

[MooTime]

Its a discussion board, on a frequent flyer forum, what else do you expect.

Back to your paddock MooTime

Sorry, fair enough, no disagreements here, just wanted to knock a short sharp reality check on, take your point onboard.

Moooo hmmmm.... Hello moooo cow!

 

[mickfrombris]

Got the same email - gift card ordered late afternoon April 20.

I too received same email for an Apple Watch I ordered on the 16th. Seems like they will honour the order after all. I still have a significant number of points left in my velocity account so will be interesting to see what happens in the coming months.

 

[Rob.au]

Virgin Australia will pay out Velocity points in cash if it collapses, with money from a secret trust

Virgin Australia will pay out Velocity points in cash if it collapses, with money from a trust

Virgin Australia’s Velocity points will be paid out to its members if it collapses, the embattled airline has revealed to Business Insider Australia. No matter if the airline is sold or liquidated, a secret trust is in place to protect the program against the worst case scenario. While remaining...

www.businessinsider.com.au

It's only "secret" because they reworded their T&Cs into plain English in January.

The trust has always been there since Velocity was launched in 2005, at a time when the wounds of Ansett's Golden Wing collapse were still very raw.

Virgin Blue Woos Business Travellers With âVelocity', Powered By Virgin Blue | Virgin Australia

Virgin Australia media releases from 2005

www.virginaustralia.com

 

[Lomandriel]

Well that's a good sign - i received the email also. Probably just a mass mail out. I guess that means for now anyone who made orders prior to the store shutting will get it fille d eventually? ALlow a few weeks for backlog, and even another few weeks for aus post who are struggling.... might be end of May by the time we see anything - but heck if we can get something out of it so be it. Happy with that...

Maybe the flyer program will continue in that case.. although I think i'll continue to take my redemption and run for now.

 

[ICMP10X]

I received this email also and my goods were shipped with tracking on Monday. As above I suspect it's a mass mailout to all people that have placed orders in the last few weeks.

 

[Rich]

I received this email also and my goods were shipped with tracking on Monday. As above I suspect it's a mass mailout to all people that have placed orders in the last few weeks.

I haven't received any email, but my orders are all from the wine store.

 

[hydrabyss]

I hope I am wrong for the sake of those with points in the bank (I spent nearly all of mine), though I would prefer the cash went to employees.

How do you prefer one thing but do the other. Or do you mean you prefer those with points left can leave there's to the employee's. Nice gesture on your part and I am more than happy to leave mine to the employee's as I only saved them for flight upgrades anyway.

 

[HappyFlyerFamily]

Got the email confirming processing Rewards Store order as well

I only had 1 order on Monday 20th.

 

[Rich]

How do you prefer one thing but do the other. Or do you mean you prefer those with points left can leave there's to the employee's. Nice gesture on your part and I am more than happy to leave mine to the employee's as I only saved them for flight upgrades anyway.

I am not preferring one thing and doing something else because what I did makes no difference. i.e. if Velocity is set up as stated with points and cash untouchable to Virgin, then whatever is or is not there in Velocity, will make no difference to Virgin employees receiving their entitlements.
I probably should not have made the comment as it just confused things. I was just saying what they have lost is worse than anything we have lost (your points or my wine that may or may not come), but they are separate things.

 

[Chad2020]

I've also received an email - ordered last week on the 16th April.

 

[Lomandriel]

I haven't received any email, but my orders are all from the wine store.

Interesting - if anyone else only ordered from the wine store be keen to hear if you got the email?

I had a wine and gin order too of decent value so hopefully that's part of the 'fulfillment' of back orders (makes sense if you're going to honour the rest).