Connect with us

Money

Millions to get £324 cost of living direct payment from today – are you one of them?

MILLIONS of households will get a £324 cost-of-living payment directly into their bank accounts from today.

The £324 payment forms the second chunk of the £650 cost of living payment.

The payments will automatically land in your bank account if you’re eligible

Around eight million households have already been paid the first part of their £650 payment – but the next payment is due.

But the next payment, worth £324, is now due and will land automatically in your account if you are eligible between November 8 and 23.

But roughly one million households claiming tax credits will need to wait until later in the month to get the second payment.

This is to avoid duplicate payments where people claim tax credits and another qualifying benefit.

Households receiving tax credits will start to receive the £324 payment from Wednesday, November 23.

Anybody receiving the following benefits is eligible for the second half of the £650 cost of living payment:

  • Income-based Jobseekers Allowance
  • Income-related Employment and Support Allowance
  • Income Support
  • Working Tax Credit
  • Child Tax Credit
  • Pension Credit
  • Universal Credit

You must have been entitled, or later found to be entitled to any of these benefits, between August 26 and September 25 this year.



The payment will land automatically in your bank account if you are eligible – so you don’t need to do anything to get the help.

But anyone who claims both types of tax credits – child tax credit and working tax credit – will have the payment made into the bank account where child tax credits are paid.

Cost of living payments are tax-free, do not count towards the benefit cap and do not affect the amount you usually get.

Payments of £326 have previously been made by the DWP and HM Revenue and Customs (HMRC).

The payment reference on DWP recipients’ bank accounts will be their national insurance number, followed by “DWP COL”. For HMRC recipients, the payment reference will be “HMRC COLS”.

Work and Pensions Secretary Mel Stride said: “We understand that people are struggling and that is why we’ve consistently acted to ensure millions of low-income families are supported.

“We will continue to act with compassion as we navigate challenging global economic circumstances.

“As part of a wider £37 billion package of support, this latest £324 payment will help the most vulnerable people in our society who are worrying about their finances through the winter months.”

It’s also worth noting that millions of Brits are missing out on other benefits they’re entitled to – adding up to billions of pounds in total.

Chancellor Jeremy Hunt said: “We’ve taken decisive action to hold down energy bills this winter, and provided hundreds of pounds of cash support for each vulnerable household.

“As part of that support, over eight million vulnerable households – almost a quarter of families in the UK – will automatically receive a second cost-of-living payment worth £324 in their bank account from today.”

Benefit calculators can help you check what you could be entitled to.

There are several benefit checker tools you can use – here’s our guide.

3 Comments

3 Comments

  1. Pingback: Thousands of Brits waiting for £324 cost of living payment – here’s everything you need to do

  2. Pingback: Five loopholes that could stop you from getting £324 cost of living payment directly into bank account

  3. Pingback: Four reasons your £324 cost of living payment could be delayed – and how to avoid it

Leave a Reply

Advertisement

Must See

Advertisement

More in Money