Martin Lewis issues major warning to millions of Brits over £299 cost of living payment

Money Saving Expert founder Martin Lewis has issued an important warning to everyone who is receiving the latest cost of living payment from government.

It's just one of a number of warnings from Lewis and his team that comes during a huge week for them that has been dominated by a warning to anyone who bought a car before 2021.

The new cost of living payment, worth £299, is the third and final payment in the current financial aid package from government worth a combined £900.

It's applicable to people on particular benefits such as Universal Credit, Child Tax Credits, Income Support, Income-based Jobseeker's Allowance, and Pension Credit.

Importantly for those receiving it, is is an additional payment on top of your benefits and doesn't impact your existing monies in any way shape or form.

The first payment of £301 to UK residents was made way back in April last year followed by another £300 in October.

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The third instalment is being paid this month but when it will land differs depending on what benefits you receive.

For those who get Child Tax Credit or Working Tax Credit only, you can expect the money between 16 and 22 February.

If you receive income-based jobseeker's allowance; income-related employment and support allowance; Income Support; Pension Credit; or Universal Credit the money should land in your bank account between 6 February and 22 February.

Over on Lewis' Money Saving Expert website, his team of experts have issued a warning in regards to these payments.

They say you need to be vigilant of scammers who will try particular methods to defraud you.

The MSE team says: "If you qualify for these cost of living payments, you should be paid automatically in the same way you usually get your benefits or Tax Credits.

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"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'.

"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."