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..?

 

[Denali]

Anyone want to guess how much Deloittes are going to make out of this? My experience with looking over Admin & Liquidation reports and what they charge already has me wondering if anything will be left over once they get paid. I vaguely remember the Ansett Administrator at the time making a motza, the Two Marks is ringing old bells for me.

 

[aaronm]

Just have to sit tight and see what happens I suppose. Would be a bummer to lose the 100k points reserve but it’s been a decent run, think I’ve managed to redeem well over a million in the last few years so no regrets.

 

[Denali]

Just have to sit tight and see what happens I suppose. Would be a bummer to lose the 100k points reserve but it’s been a decent run, think I’ve managed to redeem well over a million in the last few years so no regrets.

Yep, Will fly with them again but also had a great run with them as well. As I said to hubby, this opens up new routes/airlines for us that I couldnt use before.

But I would prefer VA surviving.

 

[SydneySwan]

But I would prefer VA surviving.

My preference too.

 

[DaveB]

I had thought my last minute points transfers were not going to make it through. Couldn't believe our luck with the last item ordered on 2 April for a Dyson V11 Absolute being delivered this morning at 9am.

 

[fergal]

No mention of previous orders or a potential cut off date. I burned through 450k of points between the 13th - 15th..

 

[tomlee1986]

Anyone want to guess how much Deloittes are going to make out of this? My experience with looking over Admin & Liquidation reports and what they charge already has me wondering if anything will be left over once they get paid. I vaguely remember the Ansett Administrator at the time making a motza, the Two Marks is ringing old bells for me.

I would not hesitate to guess it would be millions of dollars if not more

 

[BAM1748]

Anyone want to guess how much Deloittes are going to make out of this? My experience with looking over Admin & Liquidation reports and what they charge already has me wondering if anything will be left over once they get paid. I vaguely remember the Ansett Administrator at the time making a motza, the Two Marks is ringing old bells for me.

It will become public. But $100M would not be surprising considering the debt level and overseas stakeholders.

 

[tomlee1986]

I burned through 40% 30 mins before the confirmed news! And the rest 60% post the news yesterday. Managed to burn though all before the store was shut down. Don’t know if the orders will be honoured. Especially if Deloitte freezes their accounts, Harvey Norman / Coll may not fulfil their orders.

To be honest for you... I am not sure whether if it will be honoured but I will pray for you that your order is honoured and you receive your reward really soon

 

[sausagefingers]

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

mine arrived on Friday, I called TNT (cause i was missing a hair dryer) but they informed me that these came directly from apple, not HN

 

[Cubiscus]

'Although Velocity is owned by the Virgin Australia Group, it is a separate group and is not in administration'

 

[SydneySwan]

It will become public. But $100M would not be surprising considering the debt level and overseas stakeholders.

It wouldn't surprise me either. They will have many junior staff working on this who they will charge out at maximum rates.

 

[Lomandriel]

Well the store is definitely paused for four weeks now, as per the message on the main website...

My question is what happens to all those that put purchases in from last week all the way up until Monday? They don't mention the cut off in the sand. It seems no one has ordered past the 11th-12th'ish and gotten their orders yet, with mixed bag of receipts for those in the apr 4-apr 9thperiod: it seems some gift cards have come in and others haven't ? The hard part is aus post leaves a 10 day delay for us over west, so it isn't easy to tell if it is a redemption issue or aus post.

Some who didn't redeem through Collins group (gift cards) seem to have had more luck getting their items: electronics etc....

Not holding much hope to receive my items. i hope the wine stores managed to put my order through!

 

[Lomandriel]

Tried ringing the velocity wine story numbre i rang last week to confirm my order as i had glitches, "our office is now closed" . looks like they have put the phones on shutter so no point ringing up or following up virgin on existing orders - at this stage it looks like the best you can do is sit and wait the next month out to see if they were honoured or not. I have a feeling post April 11 most of our redemptions are not coming..... can't change anything now i guess.

 

[ojm]

I got wine orders on 5/4, 9/4, 15/4 and 16/4. Wonder if any of it will come through?
And some gift cards and hardware on 19/4 and yesterday morning (20/4).
See what we get..about 500k total.

 

[Rich]

Not holding much hope to receive my items. i hope the wine stores managed to put my order through!

My wine orders from 2 weeks ago were showing as ready to dispatch for probably the last 12 days (can't see now). I did email and ask them a week ago and they said they were ready to ship, just in a backlog to send. I am a little hopeful, but if Virgin haven't paid Laithwaite's for the order, then I don't expect them to send it.

 

[Spacetravel]

Was there any credit check completed for this swap?

When I spoke to them on the phone they said it would only be an internal credit check since I already have a card. I had to apply online though and when I applied it looked like it did another one. I don't have any credit reporting subscriptions to know for sure.

 

[Dee#]

Well the store is definitely paused for four weeks now, as per the message on the main website...

My question is what happens to all those that put purchases in from last week all the way up until Monday? They don't mention the cut off in the sand. It seems no one has ordered past the 11th-12th'ish and gotten their orders yet, with mixed bag of receipts for those in the apr 4-apr 9thperiod: it seems some gift cards have come in and others haven't ? The hard part is aus post leaves a 10 day delay for us over west, so it isn't easy to tell if it is a redemption issue or aus post.

Some who didn't redeem through Collins group (gift cards) seem to have had more luck getting their items: electronics etc....

Not holding much hope to receive my items. i hope the wine stores managed to put my order through!

Yes me also with the wine. Did an order on about 8th and a big one on good Friday. Also in the West. Order didn't say posted but seems that is so for many people . Still have 140,000 points. But booze if it turns up is a good compromise. 15 boxes + !
Will drink to Virgin.
Also got my 4 airfares cash refunded a couple of weeks ago. Feel lucky there. Reckon money in travel bank is gone

 

[travelbee26]

No mention of previous orders or a potential cut off date. I burned through 450k of points between the 13th - 15th..

I’m wondering the same. I ordered on 15th and the status is pending, however the shipping tab says shipped What have others experienced? I ordered an Apple Watch and a $100 JBHI Fi voucher.
Does any person know if they will honour orders placed a week ago? This is not mentioned in this media releas.

 

[tomlee1986]

I’m wondering the same. I ordered on 15th and the status is pending, however the shipping tab says shipped What have others experience.
Does any person know if they will honour orders placed a week ago? This is not mentioned in this media releas.

Based on that media release - i have a feeling that only the administrators knows what will happen - but I don't see much hope (hope I am wrong on this)