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]

Still have 2 more items yet to arrive: 11/4 JB, 3/4: Airfryer

 

[nathrek]

If you send 10 000 letters and save $3 per letter on tracking and lose 100 x $100 gift vouchers you still pocket $20 000 in savings.

Years ago I worked for an online store and the lost parcel rate was a little under 1%. The better financial outcome was definitely to use the cheapest postage method and replace the 1% of lost items rather than pay extra for tracking and insurance. Only time tracking and insurance was used was for orders over $1,000.

 

[mickfrombris]

Im glad as well that I printed out my order before closing the Velocity rewards store page, as now its been closed down and you can no longer check the order number or anything. I received no conformation email when I ordered so I'm at the mercy of Virgin to honour their commitment, even though they took all my 252,000 points for an apple watch and a JB HIFI gift card. I ordered on 15th April, so technically 2 weeks has now pass. Fingers crossed something might arrive by weeks end.
Anyone order stuff on or around the 15th April and received it already?

I am in the same boat - ordered on 16th and so now is 14 days. No notification from Collinson group - no email to say it has been sent (other than generic email from Velocity saying order would be processed which is same as what I imagine everyone else got. ) - no tracking number - cant check order online - email sent to velocity 2 days ago and still no reply. I know people are still waiting on orders from before this date but still frustrating as communication has been appalling to say the least.

 

[jakeseven7]

I am in the same boat - ordered on 16th and so now is 14 days. No notification from Collinson group - no email to say it has been sent (other than generic email from Velocity saying order would be processed which is same as what I imagine everyone else got. ) - no tracking number - cant check order online - email sent to velocity 2 days ago and still no reply. I know people are still waiting on orders from before this date but still frustrating as communication has been appalling to say the least.

I agree and it’s not all about the volume of orders they are getting.

Email order confirmations, order tracking number confirmations are very simple things to automate.

Sometimes I honestly think good riddance if Velocity goes under with such pathetic systems, websites, partners etc combining for such a cough customer experience.

But then I think of the handful of AFF members who were not able to get their points out in time and hope Velocity continues for them!

 

[Tommo1944]

Just received an Iphone 11 order of 11th April - TNT overnight express. No email.
Ship date 28 April from APL Limited, 8 kangaroo Ave Eastern Creek.

 

[mickfrombris]

I agree and it’s not all about the volume of orders they are getting.

Email order confirmations, order tracking number confirmations are very simple things to automate.

Sometimes I honestly think good riddance if Velocity goes under with such pathetic systems, websites, partners etc combining for such a cough customer experience.

But then I think of the handful of AFF members who were not able to get their points out in time and hope Velocity continues for them!

UPDATE ...… I just called and spoke to Collinson group in Sydney. They are able to confirm if your order has been processed if you can give them you order number. Apparently my order was approved but to date has still not been "processed" meaning no-one has physically picked the item and sent it to Australia Post for delivery yet. They are now saying 14 business days which gives them effectively 3 weeks to fulfill the order. ……..then …….. will have to have some patience with Australia Post as I suspect they will be slower than usual in delivery so all up I think I may not see anything delivered for probably another 2-3 weeks which will be a total of 5-6 weeks from the order date.

 

[jakeseven7]

UPDATE ...… I just called and spoke to Collinson group in Sydney. They are able to confirm if your order has been processed if you can give them you order number. Apparently my order was approved but to date has still not been "processed" meaning no-one has physically picked the item and sent it to Australia Post for delivery yet. They are now saying 14 business days which gives them effectively 3 weeks to fulfill the order. ……..then …….. will have to have some patience with Australia Post as I suspect they will be slower than usual in delivery so all up I think I may not see anything delivered for probably another 2-3 weeks which will be a total of 5-6 weeks from the order date.

Thanks for the update, what phone number did you use? Velocity didn't publish a phone number for Collinson, just email address which gets no reply.

 

[mickfrombris]

Thanks for the update, what phone number did you use? Velocity didn't publish a phone number for Collinson, just email address which gets no reply.

Not sure if I am allowed to post a number so Ill just put this link here which if you put into Google Search will provide the number to call.

Collinson 124 Walker Street, North Sydney, NSW 2060 - Google Search

Or just google "Collinson 124 Walker Street, North Sydney, NSW 2060"

 

[SOPOOR]

Nice!
Woke Up to find this on my doorstep

Got my wine order, now waiting for gift card orders

Ordered 08/04
Not sure why one wine came without gift box

 

[812Lucy]

UPDATE ...… I just called and spoke to Collinson group in Sydney. They are able to confirm if your order has been processed if you can give them you order number. Apparently my order was approved but to date has still not been "processed" meaning no-one has physically picked the item and sent it to Australia Post for delivery yet. They are now saying 14 business days which gives them effectively 3 weeks to fulfill the order. ……..then …….. will have to have some patience with Australia Post as I suspect they will be slower than usual in delivery so all up I think I may not see anything delivered for probably another 2-3 weeks which will be a total of 5-6 weeks from the order date.

I ordered my iPad on the 17th (incorrectly wrote 19th in a previous post). I received confirmation when I ordered plus the generic email that I’m sure everyone got. I sent an email to the colinson group on the weekend and received this response 2 days later:


Hi Lucy

Thank you for your email.

We received your order on 17/04 and our suppliers are currently processing the order for shipment. Please note that due to high demand for online rewards as well as delays with fulfilment and postal deliveries, there may be delays in the delivery on your online rewards. Thank you for your patience.”

I am not sure if that means my order is ahead of yours as it was already being processed on Tuesday? Or maybe it’s just at that stage but has not been processed yet.

Not sure when to expect it to arrive but I am a bit worried about them leaving it at my front door if I am not home. If I could rely on getting a tracking number prior to delivery that would be better as I could ensure that I am home on the delivery day.

 

[mickfrombris]

I ordered my iPad on the 17th (incorrectly wrote 19th in a previous post). I received confirmation when I ordered plus the generic email that I’m sure everyone got. I sent an email to the colinson group on the weekend and received this response 2 days later:


Hi Lucy

Thank you for your email.

We received your order on 17/04 and our suppliers are currently processing the order for shipment. Please note that due to high demand for online rewards as well as delays with fulfilment and postal deliveries, there may be delays in the delivery on your online rewards. Thank you for your patience.”

I am not sure if that means my order is ahead of yours as it was already being processed on Tuesday? Or maybe it’s just at that stage but has not been processed yet.

Not sure when to expect it to arrive but I am a bit worried about them leaving it at my front door if I am not home. If I could rely on getting a tracking number prior to delivery that would be better as I could ensure that I am home on the delivery day.

Hey Lucy - To expand on my previous note - They identify processed as the date you ordered the items. So they would advised your order was processed on 17/4. Fulfilment of the order will be when someone actually arranges collection by Australia post. Delivery - well that's another phase altogether. I ordered on the 16th and they advised my order was "processed" which only meant they had received it. As yet no-one has bothered to physically pick the item for dispatch. In other words - nothing has been done at all yet other than still waiting in the queue for someone to action the order.

 

[kyle]

Update - received Aust Post notification saying my Popink package (ordered on 3/4) is on its way. Woohoo. Only have JB gift card left (and about 7K points in the account).

 

[tomlee1986]

Update - received Aust Post notification saying my Popink package (ordered on 3/4) is on its way. Woohoo. Only have JB gift card left (and about 7K points in the account).

I thought with 7K points - you could have got a low amount gift card as well?

 

[kyle]

I thought with 7K points - you could have got a low amount gift card as well?

Well... at the time, I didn't think they would shut down the store so quickly. But hey, I already redeemed like $3K of stuff, so in the scheme of things, I'm ok with losing 7K in points if it comes to that.

 

[tomlee1986]

Well... at the time, I didn't think they would shut down the store so quickly. But hey, I already redeemed like $3K of stuff, so in the scheme of things, I'm ok with losing 7K in points if it comes to that.

Wow.. Looks like you did very well with your purchases

 

[RAM]

The story with Velocity seems much better than many posts are thinking above.

The loan is described as a 'secured loan' and the Velocity business model has been generating consistent profits since early on. 9 to 10 million relatively active members tied into it throught flying, Coles Group, Amex, ANZ etc etc - is a bankable business with huge 'big data' opportunities.

VA owns roughly half their fleet and it is likely the Velocity loan could be secured against a portfolio of planes - hopefully the B777s ideally. The debt holders (bond holders really) who funded VA's buy back of the share of Velocity, they sold off a few years earlier, are unsecured - so VFF members are way ahead of them in the queue. A week or so prior to the move to administration those bonds traded as low as 34 cents per $1.00 face value. Now they're probably value at 0.5 cents I'd wager.

Compared to them, we're laughing!

The delays for shipping ANYTHING are widely publicised and I would not put it past many of the 'suppliers' to have a go slow on shipping to help their own cash flow situation perhaps. A bit like a Q 'enhancement'?

《Discussion on Qantas points moved here: How safe are Qantas Points?》

CV has changed the future irrevocably.

 

[theblank]

All well and good for them to say you may get a 'cash' out, but the reality is far from that. You'd be the lowest of the creditors (if you are one!)

Given the nature of the Velocity entity, there probably isnt any creditors, aside from normal trading (which in 30 days will be zero ) and the members points.
So reality is not far from that.

For sure there is a dent in the value of funds set aside for members points value of $150M, but I dont think anyone has said what is the total value of Velocites cash assetts yet.

 

[Lomandriel]

View attachment 216555

Nice!
Woke Up to find this on my doorstep

Got my wine order, now waiting for gift card orders

Ordered 08/04
Not sure why one wine came without gift box

Wow what a stash. how many points did a grange cost or the whisky? Definitely nothing that great when I went through the wine store....

 

[SOPOOR]

Wow what a stash. how many points did a grange cost or the whisky? Definitely nothing that great when I went through the wine store....

The order was about 334k points Inc postage

If I recall $800 price at 0.67c
So about 119000 points for the penfolds

 

[jakeseven7]

Not sure if I am allowed to post a number so Ill just put this link here which if you put into Google Search will provide the number to call.

Collinson 124 Walker Street, North Sydney, NSW 2060 - Google Search

Or just google "Collinson 124 Walker Street, North Sydney, NSW 2060"

Thank you for this they don’t seem to used to being called but was nice to have a real human being answer (not an offshore call centre robot like the rest of the old VA business!).

They said they weren’t sure if Virgin were going to pay them for a while (clearly some assurances/payments were made!) and said they were gearing up for an absolutely massive onslaught on a couple of weeks if they are forced to reopen. We joked and I said our forum will have people queued up to redeem when/if it reopens.

Anyway I have a bit more confidence the last of my GCs will arrive now!