A lot of Brits will see a boost in their bank balances today as the £299 cost of living payment drops - so keep an eye out for a certain code.
The cash will be automatically sent out to millions of households who fit the criteria, so you don't even have to lift a finger either. What's not to love?
It is the third and final cost of living payment being administered by the government which aims to help people feeling the pinch as prices shoot up and energy bills continue to rise.
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The Department of Work and Pensions (DWP) and HM Revenue and Customs (HMRC) have so far paid out £600 over the course of the financial year, with the first payment of £301 having been delivered from 25 April last year.
The second instalment of £300, was paid from 31 October, and this instalment is the last - bringing the grand total of the subsidies to £900.
UK residents will be receiving their final lump sum of £299 from today (6 February) up until 22 February.
People who are entitled to tax credits will instead only receive the money from HMRC from 16 February to 22 February.
The Secretary of State for Work and Pensions, Mel Stride, said: "The economy has turned a corner, and with inflation falling we are providing millions of the most vulnerable households with another significant cash boost."
Happy days.
But Martin Lewis' Money Saving Expert has reminded people that scammers are still on the warpath and are using the payouts to try and steal your savings.
The website advises: "Watch out for scam texts or emails inviting you to claim or apply for the payment.
"The DWP has said it'll never ask you for personal details or banking info over text or email. Also, be warned: if you get a cost of living payment and the DWP later finds you weren't eligible, you may have to pay it back."
To those who claim certain disability benefits, they added: "If you're one of six million people who get certain disability benefits, you should have received an additional one-off £150 payment between 20 June 2023 and 4 July 2023.
"This was on top of the up to £900 means-tested cost of living payment, and/or the £300 pensioner payment."
Brits should keep their eyes peeled for a specific code on bank statements to see if they have got the cash.
The way it works is you should be paid automatically in the same way you usually get your benefits or Tax Credits.
And there are two different codes you need to look out for, depending on your eligibility.
If you get benefits from the Department for Work and Pensions (DWP), the reference for the payment will be 'DWP COL', along with your national insurance number.
For Tax Credits-only recipients, the payment reference will be 'HMRC COLS'.
To be eligible for the payouts, households must have been paid or have been eligible for a payment of certain benefits and Tax Credits between 13 November 2023 and 12 December 2023.
You may be eligible if you receive at least one of the following benefits or tax credits:
- income-based Jobseeker’s Allowance (JSA)
- income-related Employment and Support Allowance (ESA)
- Income Support
- Pension Credit
- Universal Credit
- Child Tax Credit
- Working Tax Credit
For those on only Child Tax Credit or Working Tax Credit, the £299 payment is expected between 16 and 22 February 2024.
Topics: Cost of Living, Money, UK News, News
Olivia Burke