Automatic Payments
Starting from today, around 700,000 households in the UK will receive the third cost of living payment. The payment, totaling £299, will be directly credited to the bank accounts of eligible customers who receive tax credits. This is part of the £900 cost of living payments for eligible tax credit customers.
Eligibility
Eligible recipients include those on means-tested benefits such as universal credit, child tax credit, and pension credit. To be eligible, individuals must have been entitled to a payment of any of the qualifying benefits between November 13 and December 12. Even if someone was found to be eligible for the benefits during that period, they will still qualify for the payment.
Automatic Crediting
There is no need for recipients to contact HMRC or apply for the payment. The money will automatically appear in their bank accounts. To check if the cost of living payment has been received, individuals can look for a specific code in their banking records. Payments from HMRC will appear as their National Insurance number followed by "HMRC COLS," while payments from DWP will appear as their National Insurance number followed by "DWP COL."
No Impact on Benefits
It is important to note that these payments are tax-free and will not affect the benefit cap or existing benefit awards. They are being delivered in different amounts to ensure targeted support for those who need it and to ensure correct payment allocation.
Additional Support
If individuals do not qualify for the £299 cost of living payment or require further assistance, there are other support options available. One option is the Household Support Fund, which is worth £842 million and has been shared among councils in England. Eligibility criteria for this support vary by local authority, so individuals should contact their council to inquire about available help. Additionally, some energy companies, such as British Gas, Octopus Energy, and EDF, offer free grants for those struggling with energy payments. Individuals can also check if they qualify for other benefits, as a significant amount of support goes unclaimed each year.
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