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..?

 

[esquire]

Speak of the devil,

Just got a tracking number email for Alcohol order from 9th

Hi Alcoholic


Get excited – your order is on its way to you! We're happy to let you know your order has left our cellar and should be with you in the next few days.


Please note your tracking may take a few hours to update. If so please try again in a few hours.


To track your delivery, click the link below:

yes I received emails on Friday and today for some cases - the tracking numbers are not recognised for any of them ... so tracking really well...

 

[jakeseven7]

They must have had tens of thousands of orders..... Perhaps even hundreds of thousands? Crazy times.

Still have 3 orders outstanding.....

 

[tomlee1986]

They must have had tens of thousands of orders..... Perhaps even hundreds of thousands? Crazy times.

Still have 3 orders outstanding.....

I wouldn't be surprised if it is the latter (which is 100's of thousands)

 

[ChocolateCharlie]

I ordered three items in the same transaction from HN on 10/04. I had a random Sunday delivery with just one of the items, no idea of the status of the other two.

 

[Cryptarcadian]

Thanks for the good luck wishes.

I'm indeed expecting a devaluation of all FF programs. My bet is that even in any environment where Velocity survives at all, and flight redemptions are possible, it'd still be possible to get more than 0.5 cents per point value out (even domestic, if redemption rates doubled). Obviously if it doesn't survive then all is lost, that risk is no secret!

When did you place the original order.?? Could be a way to reference how long between order placement and HN receiving.

Late on Fri 17 Apr.

 

[knagelli]

Did any one having orders between 6th-9th Apr receive their gift cards. I have 9 different GC redemptions but no sign of any confirmation mail or the orders actually being processed. All I got to know from VA FB messenger is that there are thousands of orders in backlog and to expect delays.

 

[MARTINE]

Did any one having orders between 6th-9th Apr receive their gift cards. I have 9 different GC redemptions but no sign of any confirmation mail or the orders actually being processed. All I got to know from VA FB messenger is that there are thousands of orders in backlog and to expect delays.

 

[theblank]

Velocity members told to expect value to drop

Virgin Australia's Velocity Frequent Flyer program will survive, but members should expect their points to be worth less.

www.afr.com

I can't read the full article but can only see point value dropping

author is only guessing.
to read the full article, open it in a new browser and press escape before the subscription thing pops up.
(works for me) mind you there is nothing really interesting in the article.

 

[hydrabyss]

A bit more information regarding velocity points and velocity now in line to join the creditor list.

Velocity Rewards joins Virgin's creditor queue with $150m loan

It is the first new creditor of Virgin to emerge after administrators from Deloitte last week identified 10,000 as part of six groups owed about $6.8 billion.

www.afr.com

 

[tomlee1986]

A bit more information regarding velocity points and velocity now in line to join the creditor list.

Velocity Rewards joins Virgin's creditor queue with $150m loan

It is the first new creditor of Virgin to emerge after administrators from Deloitte last week identified 10,000 as part of six groups owed about $6.8 billion.

www.afr.com

Looks like the news is not looking good at all! sounds like they are being owed money from VA as well

 

[MARTINE]

Hi everyone . Here is my recent velocity redemption experience . Had half a million points so decided to cash in some fearing the stampede- 13/4 Easter Monday - ordered household goods/luggage and some other items -about 12. Thank God I printed the confirmation whilst in my account. NO confirmatory email/could not find my order in my account (other than points gone). Today two items arrived !! Ten to go. I really did not expect within the two weeks quoted . Ten to go!!

 

[hydrabyss]

Looks like the news is not looking good at all! sounds like they are being owed money from VA as well

Yes they are owed money back from 2014 plus $10 million in purchased seats. From my understanding it would be wise for them to be able to cast a vote at the creditors meeting.

 

[cumagutsa]

Received my second delivery today from Moki. Still no paperwork to go with it. Funny thing is today’s delivery was the last things I ordered so still waiting for GC’s etc. patience grass hopper, patience!

 

[jakeseven7]

Another delivery today placed April 5.

Again, a GC in a regular envelope with no tracking. Pretty poor - if it had got lost it would be on Collinson Group to replace!

 

[Melburnian1]

...I'm indeed expecting a devaluation of all FF programs....

Do you mean "enhancement?"

 

[Melburnian1]

Did any one having orders between 6th-9th Apr receive their gift cards. I have 9 different GC redemptions but no sign of any confirmation mail or the orders actually being processed. All I got to know from VA FB messenger is that there are thousands of orders in backlog and to expect delays.

I placed orders on 6 and 7 April but have yet to receive either, although as others have discussed, demand is likely to have been very high on those days. The fulfilment company would only have so many staff.

 

[DAC1]

I received a Velocity Wine Store delivery today. Order was placed April 14 and I received a tracking number on April 24. I'm also located in Sydney

 

[SOPOOR]

what would happen to one of these gift card orders if they were sent but never arrived, since theyre not registerd post

 

[knagelli]

what would happen to one of these gift card orders if they were sent but never arrived, since theyre not registerd post

as good as they were never sent

 

[Dee#]

Got emailed Post office tracking numbers for Booze orders for the 7th and 10th. No status as to where in Oz it actually is. Laithwaites have been very helpful if u email them. I am in WA and apparently the post depot over here is overflowing with parcels so I can at least be happy it is 'IN the Mail' somewhere.