So here is the thing, with the GCCF Interim Claims. It was a very nice idea when Kenneth Feinberg came out and said, if you are not ready to take a final payment yet, because you don’t know what the future holds, take an GCCF Interim Claims payment every 3 month for you lost in the last 3 month. I like that idea and I started telling everybody about it, and thought that was the way to go.
Now here is the problem, only 7% of all people (66,799 claims) have been paid an interim claim, and yes we are real close to the 4 month in 2011, and they should have started in December, 2010. This would mean that you in March would have gotten paid for December, January, and February. But that has obviously has not happened. SO…..
GCCF Interim Claims: Why Are They Being Offered But Not Paid ?
So the GCCF Interim Claims Payment was the brain child of some accountant inside GCCF or maybe even BP that found out that 1.25 Billion Dollars per quarter was not enough money to settle 1 million claims along the gulf coast.
The interim payments was invented almost like how the lottery has the “Cash Option” or “30 years Annuity ” its just a way to push back the payments, until they actually have the money. I understand that and it should be the way GCCF should would want to go.
I would also suggest the Interim payments, because of the future dangers of taking the final payment now, and not knowing what the future holds. However seeing the statistics after 4 months of work its not looking good .
Who Has Been Paid ?
GCCF Quick Pay: 97% Has been paid. (105,271 claims)
GCCF Interim Claims: 7% has been paid something (66,799 claims)
GCCF Final Payment: 6% has been paid ( 97,318 claims)
Its pretty clear from GCCF’s own statistics that the focus has been on the Quick Pay claims to try and get them out of the way. It has cost GCCF a little over 1 billion dollars to get these 100,000 cases out of the way. I would think that they will look at the GCCF Interim and GCCF final Claims and try and get some of those cases settled.
Remember this, the first wave of 5,000/25,000 letters have already gone out and very few people have accepted them. This was a way to get people off their final claims or GCCF interim claims, and get them to settle for a Quick Pay. Not a lot of people fell for this trick, and I am glad to see that.
GCCF Interim Claims Should Start To Get Paid Now
GCCF get its next 1.25 billion dollars April 1, 2011, I am sure we will see some more movement in the GCCF interim claims, its just a matter of time before people are going to get a real offer from GCCF.
Now I think what will happen is an offer for final payment will accompany the interim claims offer.
GCCF Interim Claims Is Not Something GCCF Wants To Pay
GCCF wants to end the claims process as soon as it has money to do so, because of the potential future problems that might come. Hurricane damages, Tourism decline, Sea Food Contamination, and lots of other potential damages are coming from all that oil on the bottom of the Gulf Of Mexico. Again its my advice to take the GCCF Interim payment, as long as you can, and don’t sign a final payment until you absolutely have to.
A new long at GCCF Interim Claims Strategy
Its a very sad story but unfortunately a story I hear from people all to often when they call me on the help line. My husband lost his good job due to the oil spill and the mortgage company/ bank foreclosed on our house, we are now living with relatives. The foreclosure rate climbed 23% in the 3rd quarter in Florida to 1 in every 56 house holds are in foreclosure (Stats from reality track). Now the question becomes if you loose you house and its directly related to you loosing your job, business or hours because of the BP oil spill, can you claim the lost of your house as a claim against BP/GCCF
How To File a Claim For Lost Equity Or Lost Rental Income against BP
So here is what we need to look at. First was this a rental house, the house you lived in or a commercial property you lost ?
Let try and do the 3 different scenario’s .
1) Rental house: If you lost your rental house your lost would be the lost of equity in the house and lost rental income for a period in the future.
2) House you lived in: If you lost the house you live in your only claim would be for the equity in the house. This is really important as how to calculate the equity in your home. The value of the house the day before the oil spill versus what you owed on your house then. That would be the equity that you would claim. It could be you need a CPA or Attorney to figure all this out for you but it would be a good claim. Also any moving expenses you have had could be a claim.Maybe even mental anguish for the stress of loosing your home.
3) Commercial property: Again your lost equity in the house before the oil spill and if its a business then rental income would be your claim.
If you follow The Oil Pollution act of 1990
Now GCCF is not following the law or the Oil Pollution act of 1990, they are making up their own rules and hoops to jump though to make you settle for the least amount of money possible. Its a fact that GCCF and Kenneth Feinberg is doing so well in saving BP money that they just gave him a raise of $400,000 per month. So he is saving BP so serious money by delaying and denying the people on the gulf coast their right full settlement according to the Oil Pollution Act . Sometimes you have to just say enough is enough and Tee it up for the lawyers to take over and let them deal with the BullSh.. of the GCCF. A person asked me today if his claim form directly with GCCF would have had a different outcome if he had selected the box that said ” I am represented by an Attorney” and I had to tell him that in my experience yes it would have a much different outcome. He had gotten the standard $5,000 go away now letter from GCCF on a claim potentially worth 10 to 40 times that number.
About Lost Of Equity Claim
Now here is the disclaimer for what I am writing here, if you go to GCCF with this claim of lost of rent or lost of equity there is a good chances they will not approve your claim as the GCCF and BP are making their own rules for what victims can claim under The Oil Pollution Act, they however do not make up the law.
In my opinion and I am not an attorney, people that had direct losses related to the BP oil spill can file a claim. Again if you income claim is directly related to the oil spill and you lost your house or rental property then you have a claim for what I have mentioned above.