DWP: The exact code to look out for when £301 cost of living payment comes in April

Around eight million households claiming certain benefits are to receive the first Cost of Living payment worth £301 next month to help with the rising cost of living.

The first payment will land in those who are eligible's bank accounts from April 25 and the money should arrive by May 17.

Those getting the payment will be able to spot when it lands as it will come with a special code.

The code for the Cost of Living payment will be "DWP COLP".

The Department for Work and Pensions (DWP) has confirmed that the special code will also run alongside the claimant's National Insurance number.

The DWP has confirmed that the special code will also run alongside the claimant's National Insurance number (In Pictures via Getty Images)

Your National Insurance number is nine digits long and starts with two letters, followed by six numbers and one letter.

So for example, if your National Insurance number is "AB123456C" then the code with your Cost of Living payment will be "DWP COLP AB123456C".

The cost of living cash will be paid in the same way as your usual benefit payment, for example, into the same bank account where you get Universal Credit.

For people who only qualify through tax credits, they will have their payment paid for by HMRC.

However, the exact date for the first payment has not been officially announced just yet.

The DWP has confirmed that tax credit claimants will get their Cost of Living payment "shortly after" the DWP payments begin.

HMRC will publish specific details of when payments will be made to these customers along with the bank account payment reference.

For the last round of cost of living payments, the code for HMRC was very similar to the DWPs.

Last year the code was "HMRC COLS" and it will likely be the same again this year too.

If you see this code in your bank account from April 15, then you will know for sure that you have received the first £301 instalment of the cash.

There are two more cash payments after the first with the second £299 payment expected to be given out in the Autumn of this year.

The third, worth £300, will be paid out in the spring of 2024.

The exact payment dates are yet to be announced.

Each payment will likely have the same code with it.