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..?

 

[Spacetravel]

If that's the case, Virgin can expect a few please explains over their email the other day.

Well if things continue there won't be anyone working at Virgin to answer the please explain

Maybe. But then how can anyone say that they are all for nought already. Something funny about that

That's true, they even talked about it in the segment what administration means. So its hard to say they are nought already as they are on the books as some form of creditor. Doesn't mean they won't get written off if it goes into liquidation but how can they say so already?

 

[jakeseven7]

Maybe. But then how can anyone say that they are all for nought already. Something funny about that

I suspect they will be paused for a bit and maybe the message got mixed up. So maybe it’s just a ‘nought’ during the administration restructuring period.

 

[dandandan]

I suspect they will be paused for a bit and maybe the message got mixed up. So maybe it’s just a ‘nought’ during the administration restructuring period.

The debt holders will control the company now, points holders are likely unsecured creditors. Depending on which way new equity holder/s go, you couldn't buy any easier immediate loyalty by trying to retain as many frequent flyers as you could, so in simple terms I would be limiting redemption to things are back up and running however promoting points will be honoured. It could very well go the other way that a new owner/s go LCC however the Velocity program is a good business when aircraft are flying. Long way to go yet however points are worthless now until this process takes place.

 

[kpc]

"Realistically, at this stage if you hold a Velocity Points balance all you can really do is wait and see" .... YUP!

What does Virgin Australia’s administration mean for Velocity Points?

As Virgin Australia heads into administration, frequent flyers everywhere are asking just one question: what does that mean for my Velocity Points?

www.news.com.au

 

[JohnK]

Where have you been John

there’s still a chance your points might be worth something in a new VA world, I think they will survive in some form.

Not very active on AFF the past 12 months. Also much busier now working at home as the little one demands more time and how can you refuse that innocent look?

 

[lang_13]

a sad day. have flown with them since DJ days and it was the staff who made the airline. many fond memories, a breath of fresh air compared to QF. feel terrible for all the staff caught up in this - especially in current economic climate. hopefully can be unshackled from their debt and ownership tussles and make it through.

 

[CaptJCool]

Were voluntary administration to actually occur then everything is put on hold.

There would be a line drawn on the existing flight credits, points balances and what ever, Who then become unsecured creditors

Usually to get out of VA, creditors have to take a substantial haircut As of a deed of company arrangement DOCA) unless they are able to find a buyer to sell it as a “going concern”.

However it depends on which companies are placed into voluntary administration but if the one that holds the points balances Is placed into VA, wWell they would potentially be frozen & off-limits for the time being.....

This differs to liquidation which was what happened to Ansett and all points balances were completely lost. That is there’s also a case of voidable transactions Where a liquidator can clawback monies paid out in the last six months as an unfair preference.

Bear in mind that employees are entitled to FEG for their UNUSED leave (fair entitlement guarantee)

 

[smart1999]

Looks like all links to redeem points have disappeared off the site!?

 

[Spacetravel]

After refreshing like a mad man tonight trying to get the last of my points out, I have now been hit with this message. Looks like its game over folks.

 

[smart1999]

Yes, getting the same message. Can't believe they pulled the plug on everything including flight redemptions just like that within a few days!That's just crazy!

 

[smart1999]

Actually, still a way to redeem points for flights if you go via the quick links in your account...redeem flights...but everything else is dead

 

[mooki24]

After refreshing like a mad man tonight trying to get the last of my points out, I have now been hit with this message. Looks like its game over folks.

Yep same over here. Very frustrating. Looks like that's it until a decision is made.

 

[tomlee1986]

Burned about 250k buying Apple devices (airpods) - hoping to have them honored. Does VA actually pre-buy these with Harvey Norman?

If you have the confirmed order - should be okay but it also depends on when you purchased the item

 

[Sham.raz]

So I called Amex and they said if I order a new amex (Qantas ultimate) and cancel my velocity platinum they will refund my annual fee. So I did that and now have a Qantas card in the mail. It's a sad day to change my earn to Qantas but a rule I always say is don't leave points on the table. Anyway as this is a bit OT if I have any further updates ill discuss it in a relevant CC thread.

Was there any credit check completed for this swap?

 

[Returnofthemach]

Where about‘s In my Velocity account do I find the order status for items purchased from the Velocity Store? I can see the item redemption in my activity feed but can’t drill further into the order?

 

[jakeseven7]

If you have the confirmed order - should be okay but it also depends on when you purchased the item

I have a sneaking suspicion Collinson group slammed the breaks on VA orders earlier than we think

 

[ols]

I still haven’t received my wine from order two weeks ago. Showing packed and not sent. Meanwhile order from qf using points ordered a couple of days ago will arrive tomorrow or Wednesday

Mine is 18 days now

 

[tomlee1986]

I have a sneaking suspicion Collinson group slammed the breaks on VA orders earlier than we think

If this happens.. then i feel really sorry for those people who have missed out

 

[knagelli]

Is anyone able to login to velocity rewards portal or check the status ? I am able to login to velocity but not onto their rewards store.

 

[Gold Member]

Is anyone able to login to velocity rewards portal or check the status ? I am able to login to velocity but not onto their rewards store.

Yes. First attempt I got the error message, but I clicked their refresh link and my account appeared as expected.