Payment Codes and Dates
Starting from tomorrow, millions of hard-up households in the UK will receive direct payments worth £299. The tax-free payment will be automatically credited to the bank accounts of those who qualify for it. However, payment dates may vary depending on individual circumstances. For example, those on tax credits only will be paid between February 16 and 22. When the payment is made, recipients should look out for specific codes in their bank statements, such as their National Insurance number followed by DWP COL or HMRC COLS.
Eligibility and Backdated Claims
To be eligible for the payment, recipients must have received at least one of seven benefits, including pension credit, between November 13 and December 12. The Department for Work and Pensions (DWP) is urging low-income pensioners who are not already receiving pension credit to check their eligibility. Successful claims can be backdated by up to three months. Those who believe they qualify but are not claiming pension credit should submit a claim by March 5 to potentially receive the payment.
Previous Installments and Other Support
This £299 cost of living payment follows previous installments of financial support. The first installment, worth £301, was paid out to over eight million households in April and May last year, while the second installment of £300 was paid from October 31 to November 19. In addition to the cost of living payment, there are other forms of support available. The Household Support Fund, worth £842 million, has been distributed to councils in England, who decide how to distribute it based on their own eligibility criteria. Energy companies like British Gas, Octopus Energy, and EDF also offer help, including free grants for those struggling with energy payments.
Benefits and Calculators
Recipients who do not qualify for the £299 cost of living payment or still require assistance may be eligible for other benefits. It is estimated that £19 billion worth of support goes unclaimed each year. To find out what benefits one may be eligible for, there are several free online calculators available, including the Turn2us benefits calculator, the Policy in Practice better off calculator, and the entitledto benefits calculator. Claiming benefits not only provides extra financial support but may also help qualify for the £299 cost of living payment.
Did you miss our previous article…
https://hellofaread.com/money/struggling-to-make-ends-meet-heres-how-to-get-interest-free-or-cheap-loans/
