The first Cost of Living payment will land in bank accounts starting from next month.
Those who are eligible will receive the £301 payment into their bank accounts from April 25 and the money should arrive by May 17. When it arrives it will show a special code on your bank statement.
The code to look out for to indicate you have received the Cost of Living payment will be "DWP COLP". The Department for Work and Pensions (DWP) has confirmed that the special code will also run alongside the claimant's National Insurance number, reported The Mirror.
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Your National Insurance number is nine digits long and starts with two letters, followed by six numbers and one letter. So for example, if your National Insurance number is "AB123456C" then the code with your Cost of Living payment will be "DWP COLP AB123456C".
The cost of living cash will be paid in the same way as your usual benefit payment, for example, into the same bank account where you get Universal Credit. For people who only qualify through tax credits, they will have their payment paid for by HMRC.
However, the exact date for the first payment has not been officially announced just yet. The DWP has confirmed that tax credit claimants will get their Cost of Living payment "shortly after" the DWP payments begin.
HMRC will publish specific details of when payments will be made to these customers along with the bank account payment reference. For the last round of cost of living payments, the code for HMRC was very similar to the DWPs.
Last year the code was "HMRC COLS" and it will likely be the same again this year too. If you see this code in your bank account from April 15, then you will know for sure that you have received the first £301 instalment of the cash.
There are two more cash payments after the first with the second £299 payment expected to be given out in the Autumn of this year. The third, worth £300, will be paid out in the spring of 2024.
The exact payment dates are yet to be announced. Each payment will likely have the same code with it.
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