Millions of people will start to receive the second cost of living payment from today.

The £300 payment given to Department for Work and Pensions (DWP) benefit claimants starting from Tuesday, October 31 until Sunday, November 19. For those claiming just HMRC Tax Credits, the payment date is a little later, starting on Friday, November 10 until November 19.

The money will be sent out automatically and directly to recipients, meaning those eligible do not need to apply or take any action to receive it. There is no set way the payments will be given out - such as by area, or by benefit - so if you are eligible, you should receive the money at random over these dates.

So you can identify the payment in your bank account, there is a specific code that is used for them. You should look out for this code on your bank statements across the payment window to make sure you have got the money.

The code is slightly different if you are claiming a DWP benefit or HMRC Tax Credits. However, both references will have your personal National Insurance number on it. Your National Insurance number is nine digits long and starts with two letters, followed by six numbers and one letter.

The payment reference for the cost of living payments next month will be your National Insurance Number followed by "DWP COL" if you are claiming DWP benefits or "HMRC COLSD" if you are claiming from HMRC. So for example, if your National Insurance number is "AB123456C" then the code with your Cost of Living payment will be "DWP COL 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. If you see this code in your bank account from October 31, then you will know for sure that you have received the second £300 instalment of the cash.

This is the second of three cost of living payments, totalling £900, being paid throughout 2023 and 2024. The third and final payment will be worth £299 and is set to be paid in spring. Around eight million people are eligible for the next cost of living payment.