Money-saving guru Martin Lewis has some urgent advice on Cost of Living payments
Martin Lewis has issued an urgent message to hard-up households as the £300 cost of living payment lands in bank accounts.
Speaking on Good Morning Britain this morning, he said: “The most important message I have for people about the cost of living payment is … on most benefits you either get it or you don’t at this point.
“But there’s a benefit called Pension Credit, which is specifically for lower income pensioners and on that one you can backdate the claim for three months.
“It means that if you don’t get Pension Credit and you’re eligible for it, you can still get that extra £300 even if you were to claim now, or next week, or the week after.”
Are you entitled to benefits? Here’s how to check…
A number of charities have benefits calculators that you can use to work out if you are entitled to any extra help.
This includes:
- Turn2Us
- Policy in Practice
- EntitledTo
It’s worth looking into as if you do qualify, it could make you eligible for the £900 Cost of Living payment too.
Before you do use such a tool, you should make sure you have all the relevant paperwork to hand, including bank statements and any information on pensions and existing benefits.
The Cost of Living payment – is there a catch?
Millions of people are set to receive a £300 cost of living payment this week – but there are some things to be aware of.
Not everyone eligible will receive payment on the same day.
Households on certain benefits, including Universal Credit, will receive the cash as a lump sum paid directly into their bank accounts.
Those eligible for the tax-free payment won’t usually have to do anything as it will be made automatically.
Payments are scheduled to hit bank accounts between today and November 19.
But there are a number of checks you should make now to ensure that you get exactly what you’re entitled to.
To check if you are eligible for the payments, visit gov.uk.
What to look out for in your bank account
The payment reference for bank accounts will be the recipient’s National Insurance number followed by DWP COL or HMRC COLS.
For example, if your NI number is JT 83 42 97B your payment will show up as “JT 83 42 97B DWP COLP” or “JT 83 42 97B HMRC COLP” on your bank statement.
Do you qualify for today’s payment?
The full list of benefits that qualify people for the payments is:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension credit
Summary: what we know so far on Cost of Living payments
Eligible Brits will begin receiving the latest Cost of Living payment from today.
The second instalment will go out to households on benefits between October 31 and November 19.
Households on tax credits only will receive their payment from HMRC between November 10 and November 19.
