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Most debts settle for 40-60% of the total amount. Collection agencies often purchase debts for 5-50 cents on the dollar, so they can profit even at lower percentages. Start with a lower offer (30-40%) and negotiate up if needed.
A settled account is better than an unpaid one, but not as good as paid in full. That's why a pay for delete agreement is ideal - it removes the negative item entirely from your credit report.
Lump sum payments typically get better settlement percentages. Creditors prefer immediate payment over extended payment plans. If you can't pay a lump sum, expect to settle for a higher percentage.