When will the GCCF final claims pay out, everybody is waiting a many people get a letter saying they where denied even though they have had a loss. The GCCF final claims process is not perfect. So if you have had a loss because of the oil spill fill out a free case review form and an attorney will give you a call. This way it will be free for you to get a new GCCF final claims made up and you only pay the attorney if he get you money. The standard attorney fee is 33 1/3 percent of what he get you in a GCCF final claims settlement.
GCCF Final Claims how will it work ?
BP decided to award the damage and loss claims in two main phases – an “emergency claim” phase, which ended November 23rd, and a “final claim” phase, which will end in August 2013. There will also be “interim claims” that can be made quarterly before you make your final claim. In the first “emergency claim” phase, nearly half a million victims filed claims. Over 125,000 of these claims have been paid out so far, resulting in a total depletion of the fund by over $2 billion dollars. The $20 billion fund is also restricted to only pay out $5 billion per year for each until 2013.
GCCF Final Claims Process
Once you file your GCCF final claim, you will receive a confirmation from the confirming receipt of your claim submission. You will also receive a nine digit Claimant Identification Number that is assigned to your claim. The GCCF will process all of the paperwork you have previously submitted into the GCCF database. You will receive written notice from the GCCF regarding any action taken on your claim, including approved amounts, deficiencies, requests for additional documentation, and denied claims. The GCCF will notify you when your claim forms and all of your supporting documentation are complete and ready to be processed.
Status of my GCCF Final Claims
Those that filed claims during the “emergency claim” phase reported that their claims were taking upwards of several weeks to a month or longer, even for individual claims. Business claims were taking even longer than that. Because of complaints over the summer, the process was taken over by Kenneth Feinberg, who previously handled the settlement claims from the September 11th disaster. Now that he is running the GCCF, he has said that he would like to have a 48 hour turn around for individuals and a seven day turnaround for businesses on all BP final claims to be paid out, though he has also said that there are no guarantees and has repeatedly apologized for the delay in streamlining the process as he promised. Though the desired turnaround time has not happened quite yet, Feinberg and the GCCF say they are still working out the kinks in the system. They are currently handling thousands of claim settlements every day, but there is a lot of backlog to get through. Once the backlog is cleared, the GCCF may able to honor its promises. Now that the emergency claims process is over, the process should be quieting down as it will take much longer for final claims to come in to the GCCF. While this all may seem somewhat discouraging, it is merely meant to give you a realistic idea as to how soon you can really expect the GCCF to settle your claims. There is a good chance that once the process becomes more streamlined that you will receive your GCCF Final Claims settlement within the time frame previously promised by Mr. Feinberg.