MILLIONS of households will soon receive the third instalment of the £900 cost of living payment direct into their bank accounts.
The Department for Work and Pensions has confirmed it will issue the upcoming instalment of £299 between February 6-22 next year.
GettyThe third and final instalment of the cost of living payment will be made in February, 2024[/caption]
It will be automatically credited into 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 final cost of living payment as well as the third payment due in February.
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