Exact code to spot for £299 free cash landing in Brits' bank accounts next week
UK households who are set to receive £299 next week need to look out for a specific code.
Around eight million households on certain benefits will receive their third and final cost-of-living payment very soon, which is also tax-free.
The first instalment of £301 was paid from 25 April last year, and the second instalment of £300, was paid from 31 October.
It's important to recognise exactly what to look out for when claiming the money, as Martin Lewis' Money Saving Expert has warned that scammers are using the payouts to try and steal your hard-earned cash.
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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."
Rather than a text inviting you to claim the sum, this is what you need to look out for on your bank account.
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.
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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'.
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.
If you are on low-income benefits, such as Universal Credit, you are entitled to any of the following:
-Child Tax Credits
-Income Support
-Income-based jobseeker's allowance
-Income related employment and support allowance
-Pension Credit
-Universal Credit
-Working Tax Credits
Now, for those on only Child Tax Credit or Working Tax Credit, the £299 payment is expected between 16 and 22 February 2024.
Those who have any of the below can expect their third cost-of-living payment between 6 and 22 February 2024:
-Income-based jobseeker's allowance
-Income-related employment and support allowance
-Income Support
-Pension Credit
-Universal Credit
Anish Vij