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..?

 

[tomlee1986]

Good result Happy Dude.

I followed up with Harvey Norman and was finally given tracking information. Turns out the product had been shipped by Australia Post last month and delivery was attempted without leaving a card (my previous order had just been left on the doorstep without any attempt to check if anyone was home). This package had been sitting at the post office for weeks, without even a reminder card being sent as per SOP. Australia Post has for the most part been very good at delivering packages to us during lockdown, so I'm really confused as to why both of my Velocity orders did not generate any tracking information, or why the postie delivering them (unlike the regular postie) did not bother to knock or leave a card. Very strange.

Hope you have picked up the goods already lol

 

[djfuzz]

Hope you have picked up the goods already lol

Not that it was anything special but yes, I pretty much picked it up straight away lol.

Now the only regret I have is that I wasn't able to get a wad of JB vouchers instead!

 

[QF_Flyer]

Follow up. I placed an order from the eStore a day before admin, in an effort to ensure some form of return, for an Apple TV. It pained me to redeem at about 0.6c/pt.

Delivered today, so what’s that 9 weeks? I’m impressed it came, apparently it was a stock issue, but they came through.

Now for the admin to pull through so I can use my other 200k points for better value...

 

[jakeseven7]

Follow up. I placed an order from the eStore a day before admin, in an effort to ensure some form of return, for an Apple TV. It pained me to redeem at about 0.6c/pt.

Delivered today, so what’s that 9 weeks? I’m impressed it came, apparently it was a stock issue, but they came through.

Now for the admin to pull through so I can use my other 200k points for better value...

200k?! Wow. Hopefully they are able to be used again. Great you got the Apple TV after such a long wait.

 

[tomlee1986]

Follow up. I placed an order from the eStore a day before admin, in an effort to ensure some form of return, for an Apple TV. It pained me to redeem at about 0.6c/pt.

Delivered today, so what’s that 9 weeks? I’m impressed it came, apparently it was a stock issue, but they came through.

Now for the admin to pull through so I can use my other 200k points for better value...

I agree with @jakeseven7 that 200k points is a lot of points remaining and hope you can use it when the redemption store is reopened

 

[QF_Flyer]

Thanks! It’s a painful thought maybe losing them, so fingers crossed we all get back to it in the near future. Don’t know how confident to be about the administration process, I guess it could still go either way.

The pain is softened somewhat as 100k were from the Amex Platinum Velocity card SUB just before Corona hit, and Amex actually refunded the annual fee on the account, so my only loss there is the opportunity cost of a SUB elsewhere with Amex for 18m. Such is life!

 

[SOPOOR]

just tried calling collinson group,

their number rings out!

have the gone under? or decided to not answer all the incoming complaints/enquires?

 

[yogi_b]

just tried calling collinson group,

their number rings out!

have the gone under? or decided to not answer all the incoming complaints/enquires?

In my experience they typically answer 1 in ~20 attempts to call. Just luck of the draw it seems. But yeah, when they don't answer it just rings out. For what it's worth, I've only spoken to a single person in the ~6 times I've called, so I suspect they don't have many people manning the phones.

 

[SOPOOR]

In my experience they typically answer 1 in ~20 attempts to call. Just luck of the draw it seems. But yeah, when they don't answer it just rings out. For what it's worth, I've only spoken to a single person in the ~6 times I've called, so I suspect they don't have many people manning the phones.

ive called twice prior and got through straight away, so I must have been lucky!

speaking to velocity directly to see if they can do something

 

[Pele]

Gday

Putting it out there: have i got anything to lose by using velocity points to book some domestic flights for September this year? The points are worthless now for anything else, and once the administration process runs its course i have a level of apprehension about the points coming through unscathed.

Thanks.
Pele.

 

[jase05]

Gday

Putting it out there: have i got anything to lose by using velocity points to book some domestic flights for September this year? The points are worthless now for anything else, and once the administration process runs its course i have a level of apprehension about the points coming through unscathed.

Thanks.
Pele.

Both potential buyers will apparently honour points and travel credits

No Cookies | The Courier Mail

No Cookies

www.couriermail.com.au

 

[jakeseven7]

Both potential buyers will apparently honour points and travel credits

No Cookies | The Courier Mail

No Cookies

www.couriermail.com.au

At what rate is undetermined though.

So it is a bit of a gamble....

 

[kamchatsky]

200k?! Wow. Hopefully they are able to be used again. Great you got the Apple TV after such a long wait.

To think that about 7 months ago for the same you can redeem the same 200K for 3 one-way Business class ticket to Hong Kong from Sydney...... How times have changed.

 

[Melburnian1]

Mattg's contention that it's 'increasingly likely that the sale will go through' is yet to be proven.

I still see liquidation as a distinct possibility. Thank God I got rid of the vast majority of my points through the 'store', even if redemptions were poor value.

 

[oz_mark]

Mattg's contention that it's 'increasingly likely that the sale will go through' is yet to be proven.

I still see liquidation as a distinct possibility. Thank God I got rid of the vast majority of my points through the 'store', even if redemptions were poor value.

'Increasingly likely' seems to allow for the fact that it could still go to liquidation.

Having said that, I believe Bain has agreed to buy some of the assets even if that happens.

 

[Mattg]

Mattg's contention that it's 'increasingly likely that the sale will go through' is yet to be proven.

I still see liquidation as a distinct possibility. Thank God I got rid of the vast majority of my points through the 'store', even if redemptions were poor value.

The following line in the article you're referring to is "But there are still no guarantees, and it remains to be seen how the Velocity Frequent Flyer program would look under new owners."

Yes, nothing is certain yet. But it does look more likely now that the sale will proceed than it did a few weeks or months ago.

 

[serfty]

Mattg's contention that it's 'increasingly likely that the sale will go through' is yet to be proven.

I still see liquidation as a distinct possibility. Thank God I got rid of the vast majority of my points through the 'store', even if redemptions were poor value.

One could conject that from their many posts such as this or similar, @Melbournian1 is hoping VA does not succeed.

Since I cannot fathom anyone having such a desire, I guess such conjecture at least on my behalf is incorrect.

 

[AustraliaPoochie]

I got the Velocity 15% extra VFF points offer email, 15% on top of the FB resultant transfer rate, for moving my FB points into VFF.
2000 FB points, ((870 x 1.15 = 1000 VFF points))
I am holding off on doing the transfer, till we find out what plans Bain has for VFF.
Feel a bit bad that VFF is in the middle of this, though.
Must be a bit hard to decide.
Now that we know VA has a new owner, but they (Bain) does not as yet want to say what plans they have for VA, as in if it will continue to have a FF system.
August is so long to go though, next hurdle, ... 2nd creditors (Bond holders) meeting.
About 18000 VFF points balance, and 8000 FB points.

 

[AustraliaPoochie]

Gday

Putting it out there: have i got anything to lose by using velocity points to book some domestic flights for September this year? The points are worthless now for anything else, and once the administration process runs its course i have a level of apprehension about the points coming through unscathed.

Thanks.
Pele.

Not Vic I hope!
By the looks of things, that state is deep in the you know what.
They might be the only state left with iso needed for anyone flying back to their home state, from Vic.
If other states, maybe just go ahead and book.
If Bain closes the VFF program, guess then you have to pay to fly VAversion2.
As you have not booked yet, Bain have said they will honour current Velocity booked flights.
But with future flights, who knows, August is the month to watch out for though, next creditors meeting.

 

[Major]

I cannot see any reason why a new owner would close a profitable business. VFF is just that...profitable