It has been reported that Fuel campaigners have sent a warning that prices are set to increase by 4p per litre, in the coming days.
There is a possibility that reductions in the price of crude oil are being passed on to drivers. The OFT is to investigate what must be an unfair charge on consumers. In the recent weeks since Christmas, wholesale costs had risen by 5p per litre due to the recent arctic weather situation, which had cut fuel demand.
Mr Madderson, PRA chairman has urged the OFT to “step out from the shadows and help consumers by conducting a full market study…” He also called on the Chancellor George Osborne to abandon plans for a fuel rise in September 2013 (BBC).
The debate stems into different areas for consumers as many people have brought up their concerns about the amount of fuel our cars consume (Friends of the Earth.) The other side of the argument is the financial cost that’s inflicted on average households that are already over stretched by the current economic climate.
There is no speculation on the importance of vehicles to users. It even goes as far as to say, drivers have been caught in a “catch 22” situation whereby, in order to get to work, they need a vehicle – and similarly, the vehicle needs to fuelled, but there is an expense to bear both financially and environmentally.
Most of us want to do as much as we can to reverse the climate change situation. But this is a financial cost. The World Economic Forum recently stated that “spending is needed on…energy [and] transport; Governments haggle over who should pay the bill [and] the recession [has limited] state resources to tackle climate change (Huffingtopost.com).”
Most people would argue that they don’t have enough funds to contribute to climate change especially if living costs have risen, and more specifically if fuel prices are increasing. Consumers will budget on what they believe is important to them personally.
Therefore, a majority of consumers have looked else where to find other methods of finance. Loans are effectively the quickest way to get finance, dependable on the amount borrowed. However, not all lending sectors are accepting, especially mainstream lending.
That’s why log book loans have gained popularity in the recent years. This is a straight forward loan that is secured against a vehicle. The requirements are that the individual ensures they own the vehicle and that it is free of finance.
Furthermore, log book loans are 93% cheaper than payday loans and if individuals find themselves with bad credit histories or even CCJ’s, the criteria for application allows individuals in such situations to apply.