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What derogs are reported under the account, and what are their credit report exclusion dates?
What is the SOL in your state, and is the debt still within SOL?
Is any reporting inaccurate?
Finally, delinquent accounts are always subject to referral or sale to a debt collector, and thus have the possibility of addition of a collection to your credit report.
As for how to pay, if saving $ is your primary concern, then a settlement for less offer would likely be your next step.
However, if deletion of reported derogs is your primary concern, then a PFD offer would be the next step.
PFDs are usually difficult to obtain, and thus I would seriously consider making the PFD offer for the full amount of the debt rather than playing around with a PFD offer that also asks for acceptance of less than the full amount of the debt.