I lost my nerve and have fixed

fronty

I'm currently on Octopus variable rate tariff - with news of the gas wholesale price rocketing, war in Israel, Ukraine still rumbling on and a spike in demand due to cold weather (with winter coming anyway), I think gas prices are only going to go one way... up!

So even though unit rates are still really high (historically), I'm bailing and fixing for 12 months - the Octopus fix seems to use todays SVR rates, it just locks them in for 12 months.

Anyone else considering it?

barker77

Definitely although I do wonder if rates will really go up because of Israel and surely the more people that fix the more is bought up front which I assume would increase prices for all. Although maybe in grand scheme the % is so small it doesn’t make a real world difference. 

dealyboy

Sorry, you haven't lost your nerve. You've made a considered decision and have opted for certainty.

QrizB

dealyboy said:

Sorry, you haven't lost your nerve. You've made a considered decision and have opted for certainty.

I was going to say exactly this.

You've made a decision that gives you peace of mind for the next 12 months. It's nothing to apologise for.

lohr500

If I had a 1 or 2 year fix option on my particular tariff I would take it. My thinking is aligned with yours. Too much uncertainty in this crazy world in the short term.

Stubod

..I think you have probably madde the right decision....

MultiFuelBurner

The Octopus fix is very tempting as it matches the price cap with a smaller standing charge. With all the news and uncertainty you sound like you have made the right decision for yourself and can now know for certain what you will pay for the next year.

fatbelly

I've just done it. I didn't like some of the t&cs they ask you to read but I decided to bite the bullet. 

They immediately lowered my direct debit by £20 which seems odd as i am in arrears for most of the month as things stand. At least it's easy to manage the account by their website

MikeJXE

fronty said:

I'm currently on Octopus variable rate tariff - with news of the gas wholesale price rocketing, war in Israel, Ukraine still rumbling on and a spike in demand due to cold weather (with winter coming anyway), I think gas prices are only going to go one way... up!

So even though unit rates are still really high (historically), I'm bailing and fixing for 12 months - the Octopus fix seems to use todays SVR rates, it just locks them in for 12 months.

Anyone else considering it?

I didn't lose my nerve I looked at my usage and figures over the past 3 years and fixed

I'm a low user in a 1 bed flat with dumb meters so no chance having tou tariffs, my biggest outlay is winter gas as I have no intention of being cold.

We all know where rates went almost 2 years ago, we also know the rates are going up in January so the first 6 months of the fix It's win win for me.

If the Middle East war get any worse rates might rocket but if they come down it will only be by a small amount. Lower rates have made little impact on my bills but higher rates do

My usage of electricity only slightly varies summer/winter averaging 11kw per week. Gas is another story obviously, high winter low summer so, on the fix for the first 6 months is a win win, the next 4/5 months are summer where I will use near zero gas. 

It was a no brainer for me so a big thank you o Octopus 

Krakkkers

Neither Israel or Gaza have any oil?

MikeJXE

Krakkkers said:

Neither Israel or Gaza have any oil?

I realise that but plenty of states around them do and can restrict the flow as and when they feel like it