Exact code to spot when £300 cost of living payment lands directly in bank accounts in weeks
MILLIONS of households are set to receive a £300 cost of living payment within weeks - and they should look out for a specific code.
The Department for Work and Pensions has confirmed the dates when the second instalment of the £900 payment will be made.
Households on certain benefits including Universal Credit will receive the money directly into their bank accounts between October 31 and November 19.
Those in line for the tax-free payment don't have to do anything as it is being made automatically.
But they should look out for a specific code which will tell them it is the cost of living payment.
Anyone receiving a payment from the DWP will see "DWP COL" show up in their statement, preceded by their National Insurance number.
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Meanwhile, anyone being paid by HMRC will see "HMRC COLS" instead.
As an 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".
The full list of benefits that qualify people 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
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Those on just working tax credits or child tax credits will receive their payment from HMRC. Everyone else will be paid by the DWP.
Crucially, you will need to have been paid one of the above benefits between August 18 and September 17 to be eligible for the £300 payment.
If you were later found to be entitled to any of the above benefits between the same dates, don't worry, as you will still be eligible.
Households on tax credits only will receive their payment from HMRC between November 10 and 19.
This is to ensure those receiving other qualifying benefits on top of tax credits will not get the payment twice.
The £300 payment comes as the second instalment of three being issued by the Government.
The first, worth £301, was paid out to over eight million households in April and May.
The third, worth £299, will land in eligible people's bank accounts in spring 2024, although a specific date has not yet been confirmed.
It follows the first £650 payment made to over eight million people last year.
Mel Stride, secretary of state for work and pensions, said the Government was "ensuring the most vulnerable households are cushioned from high prices".
Meanwhile, Jeremy Hunt said it was "right that we are helping the most vulnerable in our society."
The DWP is also encouraging low-income pensioners not already receiving pension credit to check if they are eligible.
Successful pension credit claims can be backdated by up to three months and qualify you for the £300 cost of living payment.
But the latest Government statistics reveal around 850,000 households are not claiming the benefit when they could.
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The average claim is worth more than £3,500 a year so is well worth applying for.
It also opens other freebies too, such as a free TV licence if you are over 75.
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