MILLIONS of struggling households are receiving the third and final cost of living payment with payments due to end soon.
The £299 tax-free payments started hitting bank accounts on February 6 but the Department for Work and Pensions (DWP) has confirmed people will soon be able to report missing payment.
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The DWP has said you will be able to report a missing payment on the Government website from this week Friday, February 23.
Before you report a missing cost of living payment it’s important to check you qualify for it and to check it’s not due to reach you late.
Who gets the cost of living payment?
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
Most eligible people will get this payment between 6 February and 22 February 2024.
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 a little later between February 16 and February 22 to ensure those on other benefits and tax credits will not get it twice.
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It is possible to backdate some benefits like pension credit by up to three months in order to claim the latest cost of living payment but you will need to do so by March 5.
How to report a missing cost of living payment?
Before you report a missing payment make sure to check all your bank accounts and account details, the cost of living payment should have arrived separately from any other benefits.
If you see no reason why you should not have received your payment yet, you can report it missing online.
Search “Report a missing Cost of Living Payment” on the internet and it should lead you to the HMRC page where you can report it missing.
You will need to clarify which payment you are missing and you shouldn’t report the same missing payment more than once.
You may be directed to a different benefit office to finish your report.
You may need to ring up a benefit office to finish your report.
How much is the cost of living payment?
The February cost of living payment is the third and final cost of living payment worth £299.
The first instalment 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.
Anyone awaiting the payment will see it appear with a specific code in their bank statement.
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 COL” or “JT 83 42 97B HMRC COLS” on your bank statement.
How many more Cost of Living Payments will there be?
Hard-up households will be wondering if any more cost of living payments are in the pipeline.
There has been no word on whether more cash support is on the way yet.
However, if more support is in the pipeline, it is likely to be announced in the Chancellor’s Spring Budget on Wednesday, March 6.
What other support is available?
If you don’t qualify for the cost of living payment you may still be entitled to additional support.
Councils in England are still rolling out support through the Household Support Fund which is worth £842million.
What you are entitled to will vary depending on where you live as each local authority sets its own eligibility criteria.
Councils have a deadline to distribute their portion of the fund which is March 31, 2024, so you approach your council about this support as soon as possible.
Meanwhile, you might be one of thousands who still need to apply for the Warm Home Discount, which is worth £150.
Or, you could qualify for a cold weather payment worth £25.
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