Do creditors differ in the percentages they are willing to settle for?
Creditors do differ with respect to the percentages that they're willing to take. It could be the type of creditor, it could be the timing of the case. For instance, if you're current in a debt, very few creditors will want to work with you. They'd rather have a performing debt with you paying the full amount of interest in principle due but once a few months pass or even years after default, they're often willing to take far less as a percentage of the debt. It might depend on the type of creditor. For instance, credit unions they don't negotiate very well. They often want 70%, 90%, or even 100% of the balance.
Some creditors that have insured or guaranteed debts, they also don't want to settle. The majority of creditors though that we work with do settle debts and particularly after default. We usually were able to obtain a reduction of both principle and perhaps a waiver of all of the interest or at least none accrual of their interest going forward.