Some debt collectors want between 75 and 80% of what you owe. Others keep 50%, while others may settle for a third or less. So, it makes sense to start with your first offer and see what happens. And keep in mind that some debt collectors won't accept anything less than the total amount of the debt. If you have a debt, act quickly, preferably before sending it to a collection agency.
Contact your creditor, explain your situation, and try to create a payment plan. Usually, creditors will help you get up to speed.