22 February 2024 , 08:24
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Thousands of people are being urged to check their bank account for the third and final cost of living payment worth £299 today.
The money is being sent out to people claiming certain means-tested benefits, such as Universal Credit and Income Support. The Department for Work and Pensions (DWP) start issuing the payment from February 6, while HMRC began sending the £299 from February 16 for those claiming Tax Credits only.
Today (February 22) is the final day the money is expected to hit bank accounts for anyone who is already eligible. There are some exceptions though. You may get the cost of living payment at a later date if you put in a claim for benefits after today and your award is backdated.
The payment will be made automatically into your bank account - so you won't need to apply to receive it. It will show in your bank account as your National Insurance Number followed by DWP COL. The HMRC payment reference will be HMRC COLS. If you believe you're already eligible and you don't receive the money today, you'll be able to report it on GOV.UK from tomorrow.
The £299 is being sent to people who were claiming one of these benefits between November 13 and December 12 last year. 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 set to receive the money based on this eligibility criteria. The list of benefits is as follows:
8 money changes coming in February including Universal Credit and passport fees
- Universal Credit
- Income-based Jobseeker's Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
There may be some examples where you won't receive the payment - for example, if your Universal Credit is reduced to £0 in the eligibility timeframe. You also won't be entitled if you claim Tax Credits and your entitlement for the tax year is below £26.
Again, do keep in mind that some benefits can be backdated at a later date, which means you may still end up becoming eligible for the cost of living payment. For example, you can backdate Pension Credit by three months and the deadline to do this, and be entitled to the £299, is by March 5.
This is the last instalment in the £900 cost of living package, with the previous payments worth £301 and £300 having already been sent out to eligible UK homes. There is currently no further payments scheduled after this. You can still be entitled to the final payment even if you didn't receive the first two cash sums.