Millions of households across the UK will receive the third and final cost of living payment from the Department of Work and Pensions (DWP) from today.
The final installment will be a payment of £299 and will be sent to the most eligible people between today (February 6) and February 22.
The three payments – which have totalled up to £900 – have been paid to eligible households on means-tested benefits over 2023/24 and comes as part of a support package helping millions through the cost of living crisis.
Around eight million people are due to receive the last payment from today, which will be automatically paid into bank accounts should recipients be eligible.
You need to have been claiming certain means-tested benefits between November 13 and December 12 last year to be eligible for the final cost of living payment.
Millions of eligible households across the UK will receive the third and final cost of living payment from the Department of Work and Pensions (DWP) from today (February 6)
If you are entitled to and claim Universal Credit, you must have been eligible for a payment for an assessment period ending between these dates.
Anyone claiming eligible benefits should have already received two previous payments worth £301 and £300, respectively.
However, you may still be eligible for the last £299 instalment even if you didn’t receive the first two payments, as long as you have been claiming certain other benefits during the stated timeframe.
This includes: Universal Credit, Income-based Jobseeker’s Allowance, Income-based Employment and Support Allowance, Income Support, Working Tax Credit, Child Tax Credit and Pension Credit.
If you receive Tax Credits and no other income-related benefits, you’ll be paid by HMRC between February 16 and February 22.
The payment code to check for in your bank account will be your National Insurance Number followed by DWP COL, with the HMRC payment reference listed as HMRC COLS.
If you later become entitled to a cost of living payment – for example, you start claiming benefits and your claim gets backdated – and you don’t receive the money, you can report it to GOV.UK from February 23.
For example, you can backdate Pension Credit by three months and the deadline to do this, and be entitled to the £299 cost of living payment, is by March 5.
You need to have been claiming certain means-tested benefits between November 13 and December 12 last year to be eligible for the final cost of living payment
Mel Stride, Secretary of State for Work and Pensions, said: ‘The economy has turned a corner, and with inflation falling we are providing millions of the most vulnerable households with another significant cash boost.’
It is advised to be vigilant of scammers who may try to use phishing scams or trick people into believing they need to physically claim this cash by following links sent through text messages or emails.
This comes after money experts recently revealed seven simple tips to slash household bills and save more money in 2024 amid the ongoing cost of living crisis.
Consumer champion and CEO of AI household money-saver Nous.co, Greg Marsh, has revealed that by following a few simple steps, you can save more than £1,500 on your household bills.
This includes switching to cheap SIM-only deals over expensive mobile phone contracts, switching to an independent broadband provider and requesting a pay rise as wages finally increase.
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