Does anybody have any idea what these 3rd party collections agencies pay for your debt from these big banking companies? And what is a reasonable amount percentage wise they will settle the amount. I would like some insight on how these companies think.

Pennies on the dollar. I believe the rule of thumb is to try and settle for 70%.

This Squidoo lens offers some interesting facts about how HUGE this industry is and how they operate, How To Answer a Credit Card Debt Lawsuit ~ Everything YOU Should Know About Third Party Debt Collectors

Yes, what they pay will depend on the age of the loan and different ratings they use on the paper and its @ value.

But from pennies to 25 or 30 percent.

The older the debt the cheaper the settlement may be.
I would start at 50 percent and see what happens

Thank you all, and thank you MLR08 for the great link, very helpful. :)