Martin Lewis has made his educated assumption on when you might get the second Cost of Living payment (Picture: ITV)
The cost of living crisis continues to stretch many people’s finances, despite inflation falling and Chancellor Jeremy Hunt confident it’ll only get better.
As we look towards more financial changes in September (and beyond), including Universal Credit changes, eligible households will soon receive their second cost of living payment from the Department of Work and Pensions (DWP).
The cost of living payment dates were confirmed to be coming at some point in autumn 2023, but no official date or follow up has been announced.
However, money expert Martin Lewis has weighed in on when he thinks the money could land in people’s bank accounts.
When could the second cost of living payment be made?
Martin Lewis has predicted the payment will land in bank accounts between October and November.
The cost of living payment comes from the DWP – and is separate to any benefits payments (Picture: Getty)
The final cost of living payment worth £299 will then be paid in spring 2024.
Who is eligible for the cost of living payments?
Millions of households could be owed the payment.
Totalling £900 in total, the first payment was made in Spring and it was sent to anyone who receives any of the following benefits:
income-based Jobseeker’s Allowance (JSA)
income-related Employment and Support Allowance (ESA)
Income Support
Pension Credit
Universal Credit
Child Tax Credit
Working Tax Credit.
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The payments are made separately from your benefit payments.
When was the first cost of living payment in 2023?
More than seven million households across the UK received a £301 cost-of-living payment between April and May this year.
The second payment will be worth £300, and the final payment will be £299.
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Find out when Martin Lewis believes the payments will be made