How much should I negotiate?

I want to try and settle a debt with a collection agency. I am writing them a letter to try and negotiate a settlement. How much should I start out with? I've read elsewhere that you should start out negotiating 25% of what is owed. Any suggestions here?

Did they buy the debt for pennies on the dollar or are they acting as an agent for the original creditor! 25 percent is good to start if they own the debt outright!

Yes, this is a bought debt that they now own.

25% is a good starting point to negotiate a debt with a collection agency. Once you offer your price, they'll offer you their own price. A small bit of advice, while negotiating try to stick to your initial offer price for as long as possible. If you change your price, let it be close to the initial offer price. Otherwise, the CA might get the impression that you can pay more and may press you to settle the debt at a much higher amount. Best of luck!!!

I'm in the same boat. I just sent a CA (Equatable asset LLC or something) an intial offer of about 24 cents on the dollar for a 10k debt. How do I know if they bought the debt or if they're acting on behalf of Chase bank? My credit report says Chase wrote the debt off, does that mean they sold my debt?

I wouldnt bother writing a letter...call and negotiate on the phone. Most will not take the time to respond to a written letter. If you come to agreement, have them fax you a settlement letter.

If the letter was sent certified mail with a return receipt, wouldn't the CA have to respond to that? It's documented proof that they were contacted.