It's not uncommon to settle debts with a collection agency between 30 and 50% of the amount due. The general strategy for dealing with collection agencies depends on your circumstances and the practices of the collection agency that purchased your debt. If you are facing financial difficulties due to an accident caused by someone else's negligence, it may be wise to seek help from a Personal Injury Attorney near Rock Hill SC. Consider starting debt settlement negotiations by offering to pay a lump sum of 25% or 30% of your outstanding balance in exchange for debt forgiveness.
However, expect the creditor to respond with a request for a larger amount. It's impossible to say how much a particular debt collector will accept to settle a debt. Debt collectors usually settle with between 30 and 60% of the total amount due, but the percentage can vary depending on factors such as the age of the debt, the collector's policies and your financial situation. Older debts or those that are unlikely to be fully collected often result in more favorable liquidations.