Next Cost of Living Payment Date Set for Early May

The government has said its next wave of ‘Cost of Living’ payments will be sent out to eligible recipients in early May.

An estimated one million claimants across the UK can expect to automatically receive their £301 payments via HMRC from May 2nd.

The payments are intended to help individuals and families cope with the financial pressures they’re currently under with inflation consistently running at exceptionally high levels.

According to HMRC, most people who are eligible to receive the relevant payments will have received them by no later than May 9th.

Eligibility for these specific payments is based on being in receipt of tax credits but no other means-tested benefits, the government has explained.

Plans are for the £301 payments to be the first of three sent out to relevant parties over the course of the tax year 2023/24.

“The £301 Cost of Living Payment will deliver vital financial help to eligible tax credit customers across the UK,” commented Angela MacDonald, HMRC’s deputy chief executive.

“Further support will be paid in autumn 2023 and spring 2024 to those entitled to payment.

“HMRC will pay eligible tax credit customers automatically and with no action required from the customer, to make this as simple and helpful as it can possibly be.”

In addition to eroding the incomes of households across the economy, inflationary pressures are pushing a growing number of people in Scotland and throughout the UK into problem debt situations.

Campaign groups have long been calling for both the Scottish and British governments to provide more financial support to people on low-incomes and those grappling with serious debt issues.

While the creation of cost of living payments as a policy has been widely welcomed, debt help charities and other campaigners have said those payments alone will not be enough to prevent more and more households from falling into debt over the course of the coming year.

If you live in Scotland and you’re worried about your personal debt situation then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.