After the festivities of the Christmas holiday, Brits are often watching their wallets at the start of the year. Whether this means trying out dry January or being careful about how much you have in your savings account, many are trying to make up for the expense of the previous few weeks. The arrival of the final cost of living payment from DWP is therefore a welcome financial boost for a lot of people in the UK.
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Millions of Brits are set to receive the £299 sum in the coming month. Here’s who is eligible for the payment, and how they will receive the money.
Who is eligible?
This last instalment of £299 comes after two previous sums of £301 and £300, paid in April and October last year. In order to receive the cost of living payment, you have to have been claiming certain means-tested benefits between November 13 and December 12 in 2023. If you are a Universal Credit claimant, you must have been 'eligible for a payment for an assessment period' ending at some point between those dates.
Here is a full list of the benefits that qualify for this DWP payment:
- Universal Credit
- Income-based Jobseeker's Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
Even if you didn’t receive the first two payments, you could still be eligible for this third and final sum.
How you will be paid
If you are eligible, you will normally receive the payment automatically in your bank account. You don’t have to apply - so beware of scammers who try to trick you into thinking otherwise.
You can check for the payment in your bank statement: the payment code will be your National Insurance Number followed by DWP COL. The HMRC payment reference will be HMRC COLS. The payment will be sent to most people between 6 February and 22 February, however there are some exceptions. If, for example, you receive Tax Credits and no other income-related benefits, you can expect the payment between 16 - 22 February.
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Sources used:
MoneySavingExpert: Third and final cost of living payment to be paid from 6 February 2024 – here's who qualifies and how much you'll get
DWP: DWP cost of living payment worth £299 due to hit millions of bank accounts from next week
