Pin It

Offers Finally Comming In From The BP Settlement

Now we are starting to see offers on the cases our law firms have in with the Deepwater Horizon Settlement. Its about time for this to happen as we have been waiting and waiting for it to come. I am happy to report that we have seen over 5 million dollars in offers over the last 3 days. With only 3 weeks to the opt out date its about time they get some offers out and that it would be to the attorneys first is not fair for the people doing it on their own but that is what it looks like.

BP Settlement

With over 55% denials and deficiency letters going out I am happy to report that until now we have only seen 1 denial in our group of cases submitted and very few deficiency letters. All deficiency letters we get we get them the documents they are asking for right away and move on. We have seen a wave of eligibility notices over the last 3 days.

With my last talk to the Deepwater Horizon Settlement people they are now processing over 2,000 claims per week and they are continuing hiring people and training them to make this number go up. This should be a good thing for the people that select to stay in the settlement.

Now just because we have started to get offers in for our client does not mean its right for everybody to stay in the settlement and below I will try and outline who should stay and who should opt out.

Opt Out Or Stay In ?

Assuming you will not get an offer on your claim before the 15 of October lets take a look at who should opt out and who should stay in. First look at where you live if you are a class member to begin with. Use this handy tool to make sure that you are class member. Settlement Zones

If you are a class member the next thing to look at is your documentation can you produce individual tax returns for 2009 and 2010 ? For a business can you produce tax returns for 2007,2008,2009,2010 and P/L for 2010? If so you have passed the documentation hurtle and it could be you should stay in the settlement.

Now next test would be your losses, where they in 2010 only ? If your looses are only in 2010 its a good compensation the settlement is offering 3.5 times your losses if you where in the tourist industry. Now if your losses spills over into 2011 and 2012 the settlement is not compensating you for those losses and Opting out and going with OPA might be better for you.

Where your losses more than $20,000 in 2010 then you might not want to gamble on BP making it right in the settlement as they have not been stand up people for the last 2 years compensating people why would that change now?

So as you can see there is many things to look at before knowing if Opting out or staying in is the right choice for you and with time running out and attorneys shutting down representation before the opt out date you are working with the last few days before its to late to get with an attorney. I suggest if you are in doubt to fill out a contact form and talk to an attorney about the Deepwater Horizon Settlement. Remember the attorney does not charge you anything before he gets you money. He charges 25% when you get money.

Who Is Getting Paid ?

Interesting enough no individuals are getting paid in the settlement right now, I am not sure why that is but maybe because they suspect that these individuals are not represented by attorneys and therefor they are not paying them yet as they have 1 year to pay them after November 1 2012. Claims getting paid right now is VOO boats, Real estate claims, business claims and Seafood claims that is the majority of offers we are seeing up to this point. We have seen no individual claims being paid but we have seen big business claims in the millions get offers on their cases. If you  are still waiting for an offer and you have a business claim or a seafood claim submit a form now and start talking to the attorneys before it get to late for the opt out and you are stuck in the settlement.

Home