Money Saving guru Martin Lewis has shared his views about when the new DWP £900 cost of living payments will start to land in peoples’ bank accounts.The money saving expert has been offering advice and helping millions of families in the country navigate through the cost of living crisis.
The Department for Work and Pensions (DWP) has confirmed that more than eight million families will receive the first part of the 2023/24 £900 means-tested cost of living payment this Spring. It will be split into three payments - £301, £300 and £299.
The DWP confirmed the first two payments will be made in spring and autumn 2023 with the final lump sum due in Spring 2024 .However, the actual date it will be has not been yet confirmed, reports Somerset Live.
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Martin has now predicted the first instalment of £301 will fall after the tax year - April 6 - and the autumn payment of £300 would be in October or November. He also estimated the final payment of £299 in spring 2024 will be paid before April 6.
Mr Lewis tweeted: “UPDATE: On the £900 cost of living payment for 8m on means-tested benefits. It'll come in 3 instalments
- £301 'Spring' 23 (as it’s for the next tax year, it'll be after 6 April)
- £300 'Autumn' 23 (I'd guess Oct/Nov)
- £299 'Spring' 24 (I'd guess before tax year ends on 6 April)”
He added that the payments are in different amounts instead of being split evenly, so it is easier to pinpoint any problems with payments. Those eligible for the support will not need to apply for any cost of living payment, as payments will be made automatically.
The payments will be tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.
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