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If there is a payment dispute between the insured Chinese supplier and a buyer in the United States, Sinosure will hire Brown & Joseph, LLC, a debt collection agency located in Itasca, Illinois, to collect the debt.
The first point of contact from Brown & Joseph, LLC will be Angela Keene, a Senior Collections Specialist. A typical email from Angela Keene will read:
Please allow this correspondence to serve as notice that this firm has been retained by China Export & Credit Insurance Corporation (Sinosure) on behalf of their policy holder ***********.
All further communications regarding this matter should be directed to my office.
The claimed amount of default is $xxx,xxx.00 in which the policy holder has now filed for credit insurance due to nonpayment.
Your immediate cooperation is needed to resolve this issue out of litigation. Pursuant to the attached Trust Deeds all rights have been assigned to Sinosure to collect this on their behalf.
Your failure to cooperate may result in future import and credit implications of goods from the People's Republic of China.
With that being said, please review the attachments and acknowledge the invoices and amount owed of $xxx,xxx.00 for verification purposes.
In addition, I will anticipate your payment in full via wire directly to our firm's trust account. The wiring instructions are listed below. Please email me with the wire confirmation number and upon receipt I will confirm closure of this case.
Bank Name: First Midwest Bank
Bank Address: 8750 W. Bryn Mawr Avenue, Suite 1300. Chicago, IL 60631
Name on Bank Account: Brown & Joseph, LLC
Bank Account Number: xxxxxxxx
Routing Number (ABA): xxxxxxxx
Swift Code: xxxxxxxx
If you are unable to remit payment in full, you will be required to contact me directly before the end of business today to discuss a reasonable payment plan for our client to review this evening.
I look forward to your immediate response as I only have a limited time to resolve this file in my office prior to litigation.
Regards,
Angela Keene
Senior Account Executive
Toll Free: 800-766-4802
Direct: 847.621.6142
FAX: 847.758.3020
AKeene@brownandjoseph.com
If you've received this letter, you need to take this matter very seriously as it may impact your business in at least two different ways -- both of which may be immediate. First, the letter states "limited time to resolve...prior to litigation." Second, failure to pay may impact the company's future ability to import goods and get credit from Chinese suppliers.
There is no one-size-fits-all solution to dealing with Sinosure, and the best approach for you will depend on your specific situation, contracts, financials, and goals. We can help you explore the best approach for your company.
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