When will British Gas, SSE and EDF customers receive their £400 cost of living payment? | Personal Finance | Finance

The payment of the living expenses takes place from October and is spread over the next six months. However, how people get paid depends on their energy supplier and how they usually pay their energy bills or whether they have a meter.

When people pay by monthly direct debit, they typically receive the money in their bank account or as a deduction from their bill.

Brits who pay after receiving a bill will have the money credited to their energy account.

Those with a smart prepayment meter will receive the £400 in installments as a credit to their meter.

Households with traditional prepaid meters receive vouchers that they can use to top up their meters.

READ MORE: Meet the couple who spent £5,000 to stop spending

Also Read :  Here's how uber-rich pass wealth tax-free to heirs during down markets

British Gas has said that if they pay by direct debit, the cost of living support payment will be credited to people’s bank or building society accounts.

However, it hasn’t confirmed any plans for people who pay their bills after they get them, or those with smart prepaid meters or traditional prepaid meters.

SSE customers are billed to their bank account when paying by monthly direct debit or to their energy account when paying by standard credit.

People with a smart prepayment meter get the money credited to their electricity account, while Brits with a traditional prepayment meter get a gas or electricity voucher.

EDF Energy has not yet confirmed how it will pay its customers with meters or standard credit, but has said that people who pay by monthly direct debit will have the money credited to their bank or building society account.

Also Read :  Why inflation ‘hurts women more,’ according to Sallie Krawcheck

Around eight million people who are dependent on government benefits have already received the first installment of the £326 cost of living payment in July.

The second installment of the Living Expense payment will be paid in Fall 2022 to individuals claiming Universal Credit, Income-based JSA, Income-related ESA, Income Support, and Pension Credit.

However, families with tax credits will have to wait until winter for their £234 payment, while the £150 disability living cost payment is due to be deposited into people’s bank accounts from 20 September 2022.

Also Read :  Good news: Personal loan interest rates plunge for 3- and 5-year loans

READ MORE: ‘At the End of Our Strength’ Mum squabbles with DWP over PIP claims

All Octopus standard variable tariff customers will automatically receive a 4 per cent reduction in base charges on their energy bill compared to Ofgem’s price cap, the company announced this week.

In addition, up to 100,000 needy customers can apply for up to six months of permanent leave to cope with the cost of living.

Greg Jackson, CEO and Founder of Octopus Energy said: “High subscription fees are outrageous. This £40m package is the start of our fight to bring them down.

“Far too many costs have been placed on base fees – from grid and distribution fees to failed suppliers.”

Source link