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