DWP cost of living payment worth £299 to hit bank accounts from next week

31 January 2024 , 09:08

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Millions of people will be eligible for the final cost of living payment (Image: Getty Images)

Millions of people will start to receive the third and final cost of living payment from the Department for Work and Pensions (DWP) next week.

The last instalment is worth £299 and will be sent to most eligible people between February 6and February 22. If you're eligible, the money will be sent automatically to your bank account - you won't need to apply for it. Be aware of scammers who try and trick people into believing they need to physically claim this cash.

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. If you claim Universal Credit, you must have been eligible for a payment for an assessment period ending between these dates.

Around eight million people are due to receive the payment, which is the third and final part of the £900 cost of living support previously announced by the Government. Anyone claiming eligible benefits should have already received two previous payments worth £301 and £300, respectively.

However, you can still be eligible for the final £299 instalment even if you didn't receive the first two payments. You just need to have been claiming certain benefits during the timeframe mentioned above. The full list of benefits that qualify for the third cost of living payment are:

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• Universal Credit
• Income-based Jobseeker's Allowance
• Income-related Employment and Support Allowance
• Income Support
• Working Tax Credit
• Child Tax Credit
• Pension Credit

The payment code to check for in your bank account will be your National Insurance Number followed by DWP COL. The HMRC payment reference will be HMRC COLS. If you receive Tax Credits and no other income-related benefits, you'll be paid by HMRC between February 16 and February 22.

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 this 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.

Levi Winchester