September 4th 2023.
Martin Lewis has made his educated assumption on when you might get the second Cost of Living payment from the Department of Work and Pensions. The cost of living crisis continues to affect households across the UK despite inflation falling and Chancellor Jeremy Hunt confident it’ll only get better.
As we look towards more financial changes in September, including Universal Credit changes, eligible households will soon receive their second cost of living payment. While the payment dates were confirmed to be coming at some point in autumn 2023, no official date or follow up has been announced.
However, money expert Martin Lewis has weighed in on when he thinks the money could land in people’s bank accounts. He predicted the payment will land in bank accounts between October and November.
Who is eligible for the cost of living payments? Millions of households could be owed the payment, totalling £900 in total. The first payment was made in Spring and it was sent to anyone who receives any of the following benefits: income-based Jobseeker’s Allowance, income-related Employment and Support Allowance, Income Support Pension Credit, Universal Credit, Child Tax Credit and Working Tax Credit.
When was the first cost of living payment in 2023? More than seven million households across the UK received a £301 cost-of-living payment between April and May this year. The second payment will be worth £300, and the final payment will be £299.
The payments are made separately from your benefit payments, so it is important that people check their bank accounts to ensure they have received the payment. With Martin Lewis predicting the payment will land in bank accounts between October and November, it is important to keep an eye out for the payment.
It is also important to note that the cost of living payment is separate to any benefits payments. Therefore, people should make sure they have received the payment before expecting any other benefits payments.
Money expert Martin Lewis has made an educated guess on when the second cost of living payment might be made, and it is important for those eligible to keep an eye out for it. With the payment totalling £900, it is a great help to those affected by the cost of living crisis.
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