Money Matters: When to expect the £650 cost of living payments

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In this week's Money Matters column, Wrekin Housing Group's Debt & Energy Manager Dan Bebbington reveals when people can expect to receive the second part of the £650 cost of living payment.

Recent research has shown that the average annual grocery bill in Great Britain is predicted to increase by £643 this year.

The forecast by research firm Kantar is another stark reminder of the very real impact the cost of living crisis is having on our lives.

With food prices continuing to soar, it will therefore be welcome news that millions of households across the UK are soon to receive a £324 cash boost.

The government has announced that people in receipt of benefits from the Department for Work and Pensions (DWP) will get the second part of the £650 cost of living payment during November.

It comes after more than eight million families received the first amount of £326 in July.

The DWP said it will start making a small number of second payments on November 8, with this figure set to increase significantly shortly after, continuing until November 23.

Officials have revealed the money will automatically make its way into your bank account if you’re on certain benefits, meaning you won’t need to take any action to get it.

HMRC is also making payments to people who receive tax credits but are not be eligible for other benefits.

These payments will be made after those from the DWP and anyone who’s eligible is again advised that they don’t need to apply.

Families entitled to the second payment from the DWP include those who receive the following benefits: Universal Credit, Income-based Jobseekers Allowance, Income-related Employment and Support Allowance, Income Support, Working Tax Credit, Child Tax Credit and Pension Credit.

In order to be eligible, you must have either been entitled to these benefits, or later found to be entitled, for an assessment period that ended between August 26 to September 25, 2022.

The government said the money will be tax-free, which means it won’t count towards the benefit cap, and won’t have any impact on existing benefit awards.

Overall, it’s estimated that around one in four families in the UK will receive the second payment.

We’ve seen a real increase in people needing our help at Wrekin recently so hopefully this extra cash will provide a much-needed boost.

If you’re facing money struggles, it’s important to know there is help out there and to make sure to check if you’re eligible for payments such as this one. It could make a real difference during these difficult times.

19th October 2022