When will the second part of the £650 cost of living payment land in my account?
MILLIONS have received the first installment of their £650 cost of living payment – here’s when you’ll get the second and final installment.
The first half of the £650 support was distributed from July 14, worth £326 – and is expected to arrive by the end of the month for the most part.
About 7.2 million payments have already been made to help struggling households pay spiraling bills and essentials.
Energy bills are expected to hit just under £3,000 by the end of this year, while food bills are soaring due to soaring inflation.
The £650 support will go to 8.2million people on Universal Credit and some other benefits.
But when will you receive the second installment? We explain everything you need to know.
Who receives the £650 cost of living payment?
The £650 cash increase was announced by former Chancellor Rishi Sunak as part of a package of measures to help families on Universal Credit and other benefits during the current crisis.
Those with the following benefits will receive the aid:
- Income-Based Jobseeker’s Allowance
- Employment and Income Support Benefit
- Income support
- Work Tax Credit
- Child tax credit
- Pension credit
- Universal Credit
Basically, the payment is one per household – so if more than one person at your address gets one of these benefits, it doesn’t mean you’ll get more money.
Here is the complete list of benefits that will not benefit from the cost of living payment:
- Attendance allowance
- Carer’s allowance
- Family allowances
- Disability Living Allowance (DLA)
- Contributory, or “new style”, Employment and Support Allowance (ESA)
- Guardian’s allowance
- Jobseeker’s Allowance (JSA) based on contributions or “new style”
- Maternity allowance
- Payment for personal independence
- State pension
- Legal adoption, maternity, paternity and sharing of parental salary
- statutory sickness benefit
When will I receive the second payment?
The second part of the support is worth £324 and will be paid in the fall.
The exact date is yet to be confirmed, but we’ll update this article when we know more.
The money will automatically go to the bank account that people usually use to get their benefits.
The exact dates by which you must successfully apply to be eligible have also not been confirmed.
There is a code you need to look up on your bank statement, which will let you know the payment has been received.
Any transaction where money goes in or out of your bank account has something to identify where it came from – like a store name.
You should spot the words: DWP Cost of Living near the transaction when it arrives.
To help! I haven’t received my first payment yet
Most people will get their first payment by the end of the month – so hold on tight.
If it didn’t arrive then, there might be a reason it was delayed.
As there are millions of payments the government needs to make this week, the DWP recently warned of delays in issuing cash.
Those with ‘complex’ circumstances can also expect a slight delay in their first cost of living payment installment.
Those claiming tax credits will see a delay in their first payment of £650 for cost of living.
As many as 1.5million people are claiming tax credits and no exact date has been set for when claimants should expect to see the aid paid out.
Households applying for tax credits have been told they should expect to receive the first wad of cash in the fall, with the second installment landing in the winter.
People can receive tax credits in addition to other benefits that qualify for cost of living payments.
Payments are therefore distributed at a later date to avoid any double payment.