MILLIONS of hard-up households are getting direct payments worth £299 from tomorrow – and they should keep their eyes peeled for a specific code.
The cost of living cash is landing in the bank accounts of those on certain benefits from today (February 6).
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It will then continue to be issued until February 22.
The money will be automatically credited into the bank accounts of those who qualify for the tax-free payment.
However, depending on your individual circumstances, some will be paid by HMRC slightly later while others will be paid by the DWP.
For example, those on tax credits only and no other benefits will be paid between February 16 and 22.
With this in mind, there are different codes to look out for when the payment is made into your bank account.
The payment reference 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.
The £299 payment is being distributed to eight million people across 17 days, so keep in mind that yours can take longer than others.
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To get it, you will need to have received at least one of seven benefits, including pension credit, between November 13 and December 12.
The DWP is also encouraging low-income pensioners not already receiving pension credit to check their eligibility.
Successful claims can be backdated by up to three months, meaning thousands more could still qualify for the final cost of living payment.
If you think you qualify but you aren’t claiming pension credit, put in a claim by March 5.
This will ensure that any payments can be backdated and fall within the qualifying period for the £299 cost of living payment.
The first instalment of the £900 support, worth £301, was paid out to over eight million households in April and May last year.
The second instalment, which was £300, was paid from October 31 to November 19.
It follows the £650 cost of living payment made to over eight million people in 2022.
Who is eligible for the cost of living cash?
The full list of benefits that means people qualify for the payment is:
- Universal Credit
- Income-based jobseekers allowance
- Income-related employment and support allowance
- Income support
- Working tax credit
- Child tax credit
- Pension credit
As noted, you need to have been entitled to any of the benefits above between November 13 and December 12 to be eligible.
If you were later found to be entitled between the same dates you will also be eligible for the payment.
Households on tax credits only will receive their payment from HMRC later in February to ensure those on other benefits and tax credits will not get it twice.
What other help is coming?
If you don’t qualify for the £299 cost of living payment, or even if you do and still need help, there is still other support on offer.
The Household Support Fund is worth £842million and has been shared between councils in England.
They then decide how to distribute their portion.
But what you are entitled to varies on where you live as each local authority sets its own eligibility criteria.
In the vast majority of cases, you will qualify if you are on benefits or a low income, or struggling financially.
Approach your council to see if any help is on offer.
You may also be able to claim a free grant from your energy firm if you’re struggling to make payments.
British Gas, Octopus Energy and EDF are some of the major companies that offer help.
Eligibility requirements vary depending on the firm, but you’ll usually have to provide evidence you’re in energy debt or facing fuel poverty.
The Government classes fuel poverty as when a household has to spend a “high proportion” of its income to keep the temperature at a reasonable level.
It’s worth checking if you qualify for benefits too, after the latest figures from analytics company Policy in Practice revealed £19billion worth of support goes unclaimed each year.
There are several free online calculators you can use to find out what you might be eligible for:
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Not only could claiming benefits see you earn extra money from the benefits themselves, but it could also help you qualify for the £299 cost of living payment.
