IMO.. it goes to your liquidity and ability to pay...
if you're unable to pay and you've got no cash, then 10%.

If you're able to pay more... why not offer more?

I settled my TD debts for 10%, always start low.

i start off around 25% and start the negotiation from there...........make sure they know u r financially down and out............i just settle accounts from range of 5000-15000 for 40-45% of the debt owing with TD....................i would negotiate through written letters rather than phone............also when u negotiate put one of the stipulations that u want the inquiry of your credit report or even better "paid as agreed"............always worth a try right?............they rather get some money than nothing at all......(this should be your motto)...........they write off the bad loans anyways and if they can get some back it makes the person who handles your case better............although you would have to have that lump sum within a couple days (say u borrowed it)..............you can do it.....

BC doesn't have a 2 year SOL???

Reg, your limitation period in BC is 6 yrs.

You can try to do it on your own, be prepared to spend some time on it and be patient. With 4 more debts it will take a little while, even if you know what you are doing, if you aren't good at it or dont have the time hire a debt settlement company.

Your total debt would be too small for our company to take on but if you want to hire a company to do it for you out west, I suggest you check out Neutral Ground Services... just google them. I've talked to the owner (Rosey Guthrie) and she seems good.

Well, how old are all the debts? I am unsure of the Statute of Limitations for BC (Nothing in the FAQ section), but if it is 2 years like most other provinces, then the collection agencies/creditor have no legal recourse. Therefore, the damage is done to your credit score, plain and simple. They can't threaten wage garnishment, repocession or anything else. That means, you have all the power. If you don't like the offer they give you, don't accept it. I settled a $8200 outstanding loan, for $4000. Remember, you don't have to pay their "interest" they keep adding. Take the original amount you owed, and set a maximum you can pay. Tell them, and don't give in if they tell you to shove it. REMEMBER to remind them it is Stats Barr (beyond the statute of limitations).

By my Calaculations, you have about $10,529.00 in total outstanding debt. How much money can you come up with quickly? $5000? Divy it up equally and try and settle them all.

I am trying to clear my loans

So far I paid full amt of $595 for one, another one was 3 years old and the original amount was 1130 but it ballooned up to $1800 with interest and was still going up ( this is the actual bank customer service )..
I called the collection and said u can settle for $1050, was it their tactic or normal practice of interest going up ( as all dont do it ) ? since I was new to this, I agreed and paid it off
( they did fax me an offer letter with the amounts and account offer and I paid through online banking ) - this is proof enough?

My credit is already bad and these collection agencies have exhuasted searching for me
So now i have these left
1) $5729 - called and they said if u pay within 30 days we can accept $4000
2) Still have 4 more to go in the amounts of 1700, 1100, 1200 and $800

How should I proceed from here, I am not really good at negotiating so even If I do make an offer, what is generally acceptable, like where they will normally agree?
Should I hire someone for this, if yes..any reocmmendations