Money Saving Expert Martin Lewis has predicted the date that the new cost of living payments will be transferred to bank accounts next year.
The financial guru has been on hand to discuss everything to do with the Autumn Statement, and pointed out the importance of the new cost of living cash boost. This year, eligible claimants received a £650 payment from the Government in two instalments - one in July and one in October and November.
This second payment will also be paid in more than one instalment, and will be available to those on certain Department for Work and Pensions (DWP) benefits. These include:
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Income-based Jobseeker’s Allowance
Income-related Employment and Support Allowance
Universal Credit
Income Support
Working Tax Credit
Child Tax Credit
The Government is yet to announce when they will be sending out these payments to households next year. However, Martin has estimated when the cash will drop into people’s bank accounts in a new online video.
In the clip, he said: “As for exactly when they'll be paid, I don't know yet. My guess - and it's only a guess - is they will be put in place in time for next winter. So those payments will come some time probably around October/September, and the cost of living payment will probably come in two tranches as it did this year."
When discussing the new Autumn Statement released by Jeremy Hunt, Martin said: “I am very pleased that both benefits and the state pension are being increased by the 10.1% September inflation rate. It only happens from next April, and it will still be hard for many, but if it was less than this it would've been devastating."
More of what Martin has had to say on the Autumn Statement and more can be found on the Money Saving Expert website.
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