Money Matters: Cost of Living payments latest news
In this week's Money Matters column, Wrekin's Debt & Energy Manager Dan Bebbington discusses the latest government cost of living payments.
If you’re struggling to make ends meet, it’s always important to check if you’re entitled to support.
Otherwise you could be missing out on financial assistance like the £301 cost of living payment which is making its way to over eight million households across the UK over the next few weeks.
This is the first of up to three payments for people on means-tested benefits, including Universal Credit, Pension Credit and tax credits, totalling £900 through 2023/24.
The government says the payments are aimed at supporting the most vulnerable in society.
If you’re eligible, you will be paid by the Department for Work and Pensions (DWP) between now and Wednesday 17 May, with the sum automatically going directly into your bank account.
It will include a reference of your National Insurance number followed by ‘DWP COL’.
You don’t need to do apply for the payment or do anything else to receive it.
Those eligible will have been entitled to a payment for one of seven benefits between 26 January and 25 February 2023.
These include Universal Credit, Pension Credit, Income-based Jobseekers Allowance, Income-related Employment and Support Allowance, Income Support, Working Tax Credit and Child Tax Credit.
HM Revenue and Customs will also send sums of £301 between Tuesday 2 and Tuesday 9 May to one million eligible families receiving tax credits only, with the banking reference ‘HMRC COLS’.
While payments are made automatically, you must be in receipt of one of the benefits mentioned during the specified period to qualify.
If you’re not sure what benefits you might be entitled to, you can use the benefits calculator on the gov.uk website to get a better idea of what you could receive.
The government is encouraging low-income pensioners in particular to check their eligibility for Pension Credit.
This is because you might still be able to get the £301 cost of living payment, if you successfully make a backdated application by 19 May 2023.
If you’re in need of support, you can also contact your local council to see if any extra assistance is available, such as through the DWP’s Household Support Fund.
5th May 2023