litigation

Depends on the debt and the creditor. There is no hard, fast rule. If they know you are working or if you have other good credit that is being paid on, they might take a shot. If there is a mortgage being paid on the credit report, they are more likely to pursue it.

I figured as much, although I hadn't considered the mortgage aspect.

We are interested in settling, but wish to settle for less than 50% of the original balance (ideally we'd like to settle for 30%) because we can only afford a fixed amount each month to cover all three settlement payments. Should we expect to go back and forth with the CAs several times before reaching an agreement? Is there any chance they can say forget it and sue for the entire amount?

Thanks for your help - it's much appreciated.