Martin Lewis predicts when the £900 cost of living payment could be paid next year

MARTIN Lewis has predicted when the new £900 one-off cost of living payment could land in the accounts next year.

The extra money was announced by Chancellor Jeremy Hunt last week during his fall statement.


Martin Lewis predicted when new cost of living payments could hit bank accounts

In his statement last Thursday, the Chancellor told the House of Commons that more than eight million households in difficulty will be paid a £900 child support.

As we enter winter, many Britons are feeling the cold but are reluctant to turn on the heating due to an increase in energy costs – so that should help.

The Department of Labor and pensions (DWP) and HMRC have not yet revealed when this money will be released to the accounts.

Consumer expert Martin Lewishowever, estimate it will be around this time next year.

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Speaking in a video posted on MoneySavingExpertthe bargain expert predicted what could happen with the new Cost of life Payments:

“As to exactly when they will be paid, I don’t know yet. I assume – and this is just a guess – that they will be in place in time for next winter.

“So those payments will probably come in around October/September, and the cost of living payment will probably be in two installments, like it did this year.”

A part of the Cost of living payment of £650 was delivered to bank accounts in July – with an amount of £326 – and the second £324 is sent this month.

However, those on Tax credits maybe still waiting for theirs – it will most likely arrive between November 23-30 to avoid overlapping payments.

Am I eligible for the £900 payment?

The £900 payout will go into millions on means-tested benefits – you can only get it if you claim one of the benefits below.

  • Income-Based Jobseeker’s Allowance
  • Employment and Income Support Benefit
  • Income support
  • Pension credit
  • Tax credits (child tax credit and work tax credit)
  • Housing allowance
  • Council tax support
  • Social Fund (Sure Start Maternity Grant, Funeral, Cold Weather Payment)
  • Universal Credit

For earlier payments, you had to be entitled, or later be entitled to one of these benefits on a certain date.

It will be paid in a manner similar to the £400 payment on energy bill – which is paid in installments of £66 over a six-month period.

How will I be paid?

We still don’t have all the information on how eligible people will be paid, but like other child support payments, it will most likely be paid automatically to your bank account.

This is usually the same account you paid benefits into – so make sure everything is up to date.

The government website also said the DWP and HMRC will provide more details on the timing of these payments, as well as eligibility dates in due course.

You may need to ensure that you receive the correct benefits in order to receive the documents.

What other cost of living payments are coming?

During the fall statement, Mr. Hunt also announced a new £150 for households on disability benefits.

Persons with disabilities who have qualified for the current Single payment of £150 required to receive one of the following:

  • Attendance allowance
  • Constant attendance allowance
  • Disability living allowance for adults
  • Living allowance for children with disabilities
  • Payment for personal independence
  • Payment for Disabled Adults (in Scotland)
  • Disabled Child Payment (in Scotland)
  • Armed Forces Independence Payment
  • War pension mobility supplement

Mr Hunt has confirmed that a second payment of £150 will be made next year, but the criteria for receiving it are not yet known.

He also announced a second cost of living payment for pensioners would be issued – worth £300.

The current pensioner cost of living payment is paid to all pensioners who normally receive the Payment for winter fuel.

This means you are eligible if:

  • you were born on or before September 25, 1956
  • you have lived in the UK for at least one day during the week of September 19-25, 2022 during what is known as ‘qualifying week’

For the second £300 you will qualify if you were born on or before September 25, 1956, but it is not yet clear whether households will qualify if they normally receive the winter fuel payment.

What else has been announced?

The Chancellor has matched the donations with sweeping spending cuts and tax increases in an attempt to plug the £60billion black hole in the country’s finances.

He announced advantages and retreats will be increase in line with inflation September figures – 10.1%, in a victory for millions.

However, it froze tax thresholds until 2028which will push more workers into higher tax brackets.

The Cost of life the cash comes on top of payments already announced by the government in May and against a backdrop of energy and food bills.

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Inflation reached 11.1% in Octoberwhich means people’s pockets are stretched.

Millions of people are struggling with mortgage also following the government’s catastrophic mini-budget and the bank of england raise its base rate to 3% from 2.25%.

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Elaine R. Knight