BP Claim: GCCF Vs. Settlement
Even before BP dumped all of their oil into the gulf, gulf coast residents had a lot to deal with, just like everyone else. People are busy making ends meet, taking care of their families, and keeping their businesses running or working hard at their jobs. Now that the oil spill wrecked a lot of people’s livelihoods, those same problems didn’t go away, but now there is a whole set of new ones to figure out your BP Claim. Who has time to do a ton of research on the best way to get the money they deserve through a BP claim? I’m going to do my best to break down the difference between getting a BP claim through the GCCF or doing it through an attorney.
The main things everyone needs to know about their BP claim are 1) How much money will I get? and 2) How quickly will I get it?
How Much Money Will I get for My BP Claim?
For starters, let’s go over the amount of money you would get from each. The GCCF has been delaying people to make them desperate so they will accept their quick pays of $5,000 personal and $25,000 business, so those amounts are what most people will get if they stick with the GCCF for their BP Claim. If you’re looking to get more out of a final claim, the GCCF will probably just keep delaying or denying you. You might get lucky and get offered a little more, but it still probably won’t be as much as you lost.
If you decide to get some representation and take BP to court, the amount could vary a lot from person to person, but it’s pretty safe to say it’s going to be closer to what you deserve than those crap quick pays the GCCF is so eager to get you to accept. The reason you will probably get more out of your BP Claim this way is that a lawsuit will give you compensation for up to 3-5 years of losses (which is likely what you will actually lose) instead of the set quick pay amount the GCCF will try to force on you. Even if you get offered a final settlement for your BP Claim through the GCCF, it will still probably only compensate you for 1-2 years of losses.
How Fast Will I Get my BP Claim Money?
It seems like it would take longer to go through the courts to get paid than through the GCCF, but there is a little more at work here than you might think. Firstly, if you take the quick pay, you will probably get it after the 90 days the GCCF promises. If you want an interim or final payment, good luck.
The GCCF loves to delay BP claims by taking longer than the 90 days they say they will. Then once they finally get around to processing your claim, they usually delay by asking for more documentation on your BP Claim (documentation that they don’t need). Once they finally have to finish delaying, they will often just deny you even if you have a good claim, or they will say they overpaid you for your emergency BP Claim payment (which is a lie). After all this, it could be a long, long time before you see any money from the GCCF, if you ever get any at all.
If you decide to go with an attorney, you could get a settlement for your BP Claim in as quickly as 60 days. That’s not always the case, but it’s pretty common. Most of the time, you can get a settlement before the GCCF would have finished processing your claim. There are a few things you should know if you decide to do this to get your BP claim though. First of all, if you take a settlement now, you will get the money faster, but you might not get as much as if you wait.
Why Is It Like This?
The reason you might be able to get more if you wait on your BP Claim is because there is a big lawsuit to figure out which companies are liable for the oil spill, but it’s not going to happen until February 2012. If you are able to wait until then to get your settlement, you will probably be able to get compensated a lot more for your BP Claim. If you can’t wait that long because you have a mortgage or other reason you just have to have the money now, you can still get a settlement for your BP Claim quickly, it just won’t be quite as much. It will still probably be a lot more than a GCCF quick pay though.
The Bottom line is, going for a settlement to get your BP Claim will probably get you more money, and will get it to you faster. If you want help figuring out what to do about your BP Claim, you might want to think about filling out our free case review box. We’ll get in touch with soon and help you weigh the options for your BP Claim.