How to deal with NCO Financial??

Several years (or months) ago, Capital Once provided me with the convenience of credit. At the time, I did not realize the implications of taking on too much debt and consequently I obtained over $5000 {or actual amount} in credit lines through 5 different card issuers.

In the same time frame, {give a little paragraph why you became delinquent and maybe you can get them to be a little compassionate}.

I know you have heard every story in the book, and mine really is no different; I have been derelict in my performance hereof, and regardless of my excuses, I know that I must repay the debt.

In taking responsibility for my indebtedness, I wish to acknowledge my debts, and repay an amount that is equally fair to all parties at stake. I have performed a comprehensive analysis of my current financial situation, including all debts current and previously-owed, factored in with my current income and my ability to repay those debts accordingly, without causing undue financial hardship.

The current balance, which you report, is $1472.93. Taking my overall debt of $4009.82 into consideration, we can divide this balance of $1472.93 into it and calculate that CapitalOne represents 36.73% of my total unsecured debt. I therefore take 36.73% of my monthly discretionary income ($300.00), as a basis for repayment on this account. The resultant sum is $110.19, which I could marginally afford to pay each month without causing undue hardship.

My friends and family have suggested bankruptcy as an alternative means to my situation, but I do not wish to resort to that if I don't have to. However, I do consider it a viable option if my creditors are unwilling to accept my voluntary plan.

If you accept my offer, I will tender my first monthly payment of $110.19 within 15 days of your written acceptance.

I look forward to your response as we may expedite a timely resolution to this matter.