Payment Codes to Look Out For
Starting from February 6, households on certain benefits in the UK will receive a tax-free payment of £299 directly into their bank accounts. The cash will be automatically credited to those who qualify, with some payments being made by HMRC and others by the DWP. When the payment is made, recipients should look out for specific codes on their bank statements. The payment reference will be the recipient's National Insurance number followed by either DWP COL or HMRC COLS.
Patience is Key
Brits are advised not to panic if they don't receive their payment right away. The £299 payment will be distributed over a period of 17 days to more than eight million people. Therefore, it may take longer for some individuals to receive their payment compared to others.
Eligibility and Qualifying Benefits
To be eligible for the cost of living payment, individuals must have been entitled to a payment of one of the following qualifying benefits between November 13 and December 12:
- Universal Credit
- Income-based jobseekers allowance
- Income-related employment and support allowance
- Income support
- Working tax credit
- Child tax credit
- Pension credit
If an individual was found to be entitled to any of the above benefits during the same dates, they will also be eligible for the payment. Those on tax credits only will receive their payment from HMRC after the payments made by the DWP to ensure no one receives the payment twice.
Additional Support Available
If individuals do not qualify for the £299 cost of living payment or still require assistance, there are other forms of support available. One option is the Household Support Fund, which has been shared between councils in England and is worth £842 million. Each local authority sets its own eligibility criteria, so individuals should approach their council to see if any help is available. Additionally, some energy companies such as British Gas, Octopus Energy, and EDF offer free grants to customers who are struggling to make payments. It's worth checking eligibility requirements and using online benefits calculators to determine if additional support is available.
Source: [Source Name]
Did you miss our previous article…
https://hellofaread.com/money/lloyds-bank-to-scrap-mobile-banking-vans-leaving-thousands-of-customers-disappointed/
