Money expert Martin Lewis has predicted when millions of eligible households will receive the first cost of living payment this spring. More than eight million households are due to receive hundreds of pounds from the Department for Work and Pensions (DWP), but a date has not yet been set.
The £900 will be paid in three separate payments over the course of the financial year, which begins in April. Exact payment dates will be announced closer to the time according to the DWP, but they will be spread over a long period of time to ensure there is "consistent support" throughout the year.
Read more: Martin Lewis' warning to millions who claim Universal Credit following spring budget announcement
The money will be paid to people who receive the following benefits:
- universal credit
- income-based jobseeker’s allowance
- income-related employment and support allowance
- income support
- pension credit
- working tax credit
- child tax credit
Although no exact dates have yet been offered, DWP has offered a rough guide as to when people can expect to see the money:
- £301 – first payment during spring 2023
- £300 – second payment during autumn 2023
- £299 – third payment during spring 2024
With April now just around the corner, many people have been wondering exactly when the money will appear in their accounts. To offer some certainty, MoneySavingExpert founder Martin Lewis has predicted when the first payment will be made.
He said he expects the first £301 instalment to be made after April 6, when the new financial year will start. He said the second payment is likely to come in October or November, with the final one to be made before April 6, 2024. To get all the latest money-saving news straight to your inbox sign up here.
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