Exact code to receive €299 free cash in bank accounts starting next week
MILLIONS of households will receive £299 free cash from next week and will have to look out for a specific code.
Households receiving certain benefits will receive the second payment for living expenses directly into their bank account from February 6.
The money will be distributed until February 22.
It will be automatically credited to the bank accounts of those who qualify for the tax-free payment.
However, depending on certain criteria, some are paid by HMRC, while others are paid by the DWP.
With this in mind, below are the exact codes to look out for when the 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”.
Brits are being reminded not to panic if their money doesn't arrive once February 6 arrives.
The £299 payment is being distributed to more than eight million people over 17 days, so it may take longer for you than others.
The first tranche of support of £900, worth £301, was paid out to more than eight million households in April and May.
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.
The DWP is also encouraging low-income pensioners who are not yet receiving Pension Credit to check their eligibility.
Successful claims for pension credits can be backdated for up to three months, meaning thousands more could still qualify for the final living expenses payment and third payment due in February.
Who is eligible for cost of living benefits?
The full list of benefits that qualify people 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
You must have been entitled to a payment of one of the qualifying benefits above between November 13 and December 12 to be eligible for the free money.
If it later turns out that you are entitled to one of the above benefits between the same dates, you will also be eligible for payment.
Households with tax credits will only receive their payment from HMRC after the others have been paid by the DWP.
This is to ensure that those on other benefits and tax credits do not receive the payment 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 Domestic Support Fund is one option. It 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.
You should contact your local council to see if assistance is offered. You can find out which local authority area you fall under by using the government's online council finder.
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.
Meanwhile, anyone who pays for their energy with a prepayment meter may be able to get a fuel voucher to top up.
The money comes through the Fuel Bank Foundation, which provides emergency fuel vouchers to households at risk of running out of credit.
They are worth £49 in winter and £30 in the summer months when heating demand is lower.
You can submit an application through your municipality, which you can find using the government's municipality finder.
Do you have a money problem that needs to be solved? Get in touch by emailing money@the-sun.co.uk.
Moreover, you can join us Sun Money chats and tips Facebook group to share your tips and stories.