A good question to ask yourself would be:
If someone owed you $25k and had $25k in the bank, how would you want them to handle that? Would you rather they paid you in full for the money they borrowed? Or would you rather that they settled with you for 20% of what you owe, so they could keep cash on hand?
Whatever your answer to that question is, you should do the same for the people you owe.
I would personally rather get repaid in full - maybe not all at once, but over time is fine. So I'd suggest you pay them in full and not settle.
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