Exact date millions will start getting £324 cost of living payment direct to bank accounts from next week
MILLIONS of households are due a £324 cost of living directly into their bank accounts before Christmas.
Around eight million households have already been paid the first part of their £650 cost of living payment – but the next payment is due.
The first instalment of the cost of living payment, worth £326, was paid in July, with those on tax credits paid later in September.
The next payment, worth £324 will land automatically in your account if you are eligible between November 8 and 23.
But those on tax credits won’t start receiving the cash until later on.
That’s to avoid duplicate payments where people claim tax credits and another of the qualifying benefits.
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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.
Roughly one million households claiming tax credits will get the second chunk from Wednesday, November 23.
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The payment, worth £324, should be sent to all those claiming tax credits by November 30.
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.
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Cost of living payments are tax-free, do not count towards the benefit cap and do not affect the amount you usually get from benefits.
The payment will come from HMRC.