Exact code to spot for £299 free cash landing direct in bank accounts from next week – and when it will be paid

MILLIONS of households are set to receive £299 free cash from next week and they should look out for a specific code.

Households on certain benefits will receive the third cost of living payment directly into their bank accounts from February 6.

The cash is being dished out until February 22.

It will be automatically credited into the bank accounts of those who qualify for the tax-free payment.

However, depending on certain criteria, some will be paid by HMRC while others are paid by the DWP.

With this in mind, below are the exact codes you need 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.

Brits are reminded not to panic if their money doesn't come in as soon as February 6 hits.

The £299 payment is being distributed to more than eight million people across 17 days, so yours could take longer than others.

The first instalment of the £900 support, worth £301, was paid out to over eight million households in April and May.

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.

The DWP is also encouraging low-income pensioners not already receiving pension credit to check their eligibility.

Successful pension credit claims can be backdated by up to three months, meaning thousands more could still qualify for the third payment due in February.

Who is eligible for the cost of living cash?

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

You need to have been entitled to a payment of any of the qualifying benefits above between November 13 and December 12 to be eligible for the free cash.

If you were later found to be entitled to any of the above benefits between the same dates you will also be eligible for the payment too.

Households on tax credits only will receive their payment from HMRC after the others are paid by the DWP.

This is to ensure that those on other benefits and tax credits will not get the payment 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 other support on offer.

The Household Support Fund is one option. It 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 vary 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.

You should approach your council to see if any help is on offer. You can find what council area you fall under by using the Government's council locator tool online.

You might 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.