Exact date millions of Brits will get £300 cost of living payment direct to bank accounts revealed

MILLIONS of Brits are set to receive a £300 cost of living payment within weeks.

The Department for Work and Pensions has now confirmed the dates when the second instalment of the £900 cost of living payment will be made.

Households on certain benefits, including Universal Credit, will receive the £300 payment directly into their bank accounts between October 31 and November 19.

Those eligible for the tax-free payment won't have to do anything as it will be made automatically.

The full list of benefits that qualify people for the payment is:

• Universal Credit
• Income-based jobseekers allowance
• Income-related employment and support allowance
• Income support
• Working tax credit
• Child tax credit
• Pension credit

You need to have been entitled to a payment for any of the qualifying benefits above between August 18 and September 17 to be eligible for the free cash.

If you were later found to be entitled to any of the above benefits between the same dates you will also be eligible for the payment too.

Households on tax credits only will receive their payment from HMRC between November 10 and 19.

This is to ensure that those on other benefits and tax credits will not get the payment twice.

The payment reference for bank accounts will be the recipient’s National Insurance number followed by DWP COL or HMRC COLS.

For example, if your NI number is JT 83 42 97B your payment will show up as "JT 83 42 97B DWP COLP" or "JT 83 42 97B HMRC COLP" on your bank statement.

The £300 payment is the second of three payments that form the £900 support.

The first instalment worth £301 was paid out to over eight million households in April and May.

The final £299 cost of living payment will be made in the spring of 2024.

It follows the £650 cost of living payment made to over eight million people in 2022.

Mel Stride, secretary of state for work and pensions, said: "The best way we can boost bank balances is by bearing down on inflation, but as we get there, we are ensuring the most vulnerable households are cushioned from high prices with a further cost of living payment.

"Alongside this, thousands of work coaches across the country are helping find work, increase their hours and boost their skills."

Jeremy Hunt, chancellor of the exchequer, added that it is "right that we are helping the most vulnerable in our society."

The DWP is also encouraging low-income pensioners not already receiving pension credit to check their eligibility.

This is because successful pension credit claims can be backdated by up to three months.

This means that thousands more could still qualify for both the second cost of living payment as well as the third payment due in the spring.