The exact code to recognize as a £299 cost of living payment will appear on bills within HOURS
MILLIONS of households in need will receive direct payments worth £299 from tomorrow – and they should keep their eyes peeled for a specific code.
Living expenses will hit the bank accounts of those receiving certain benefits from February 6.
It will then be published until February 22.
The money will be automatically credited to the bank accounts of those who qualify for the tax-free payment.
However, depending on your individual circumstances, some are paid slightly later by HMRC, while others are paid by the DWP.
For example, those who only have tax credits and no other benefits will be paid between February 16 and 22.
With this in mind, there are several codes to look out for when payment is credited to your bank account.
The payment reference is the recipient's social security number, followed by DWP COL or HMRC COLS.
For example, if your NI number is JT 83 42 97B, your payment will appear on your bank statement as 'JT 83 42 97B DWP COLP' or 'JT 83 42 97B HMRC COLP'.
The £299 payment will be distributed to eight million people over 17 days, so be aware that it may take longer for you than others.
To get this, you must have received at least one of the seven benefits, including pension credit, between November 13 and December 12.
The DWP is also encouraging low-income pensioners who are not yet receiving Pension Credit to check their eligibility.
Successful claims can be backdated for up to three months, meaning thousands of others could still qualify for final living expenses payments.
If you think you are eligible but are not claiming pension credit, please submit a claim before March 5.
This ensures that any payments can be made backdated and within the qualifying period for the £299 living expenses payment.
The first tranche of support of £900, worth £301, was paid out to more than eight million households in April and May last year.
The second installment, £300, was paid from October 31 to November 19.
It follows the £650 living costs payment paid to more than eight million people in 2022.
Who is eligible for cost of living benefits?
The full list of benefits that make people eligible for the payment is:
- Universal credit
- Income-related jobseeker's allowance
- Income-related employment and support benefit
- Income support
- Working tax benefit
- Child tax credit
- Pension credit
As mentioned, you must have been entitled to one of the above benefits between November 13 and December 12 to be eligible.
If it is later determined between the same dates that you are entitled to the benefit, you will also be eligible for the benefit.
Households with only tax credits will receive their payment from HMRC later in February to ensure households with other benefits and tax credits do not receive this twice.
What other help is available?
If you don't qualify for the £299 living costs payment, or even if you do and still need help, other support is offered.
The Household Support Fund is worth £842 million and is shared between councils in England.
They then decide how to divide their portion.
But what you are entitled to depends on where you live, as each local authority sets its own eligibility criteria.
In the vast majority of cases, you are eligible if you are on benefits, have a low income or are struggling financially.
Contact your local council to see if assistance is offered.
You may also be able to claim a free subsidy from your energy company if you are struggling to pay.
British Gas, Octopus Energy and EDF are among the major companies offering help.
Eligibility requirements vary depending on the company, but you will usually need to prove that you have energy debt or are experiencing fuel poverty.
The government classes fuel poverty, for example when a household has to spend a “large part” of its income to keep the temperature at a reasonable level.
It's worth checking whether you're also eligible for benefits, after the latest figures from analytics firm Policy in Practice show that £19 billion of support goes unclaimed every year.
There are several free online calculators you can use to find out what you may qualify for:
Not only can claiming benefits help you earn extra money from the benefits themselves, but it can also help you qualify for the £299 living expenses payment.