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for that much, I would settle for a fraction of the balance and let it age off in 2016. At 5 years out, they will be happy you paid at all, so I would low ball the offer. That is WAY too much money and too old of an account to PIF. Just my opinion though!
During a manual review a PIF will look better than settling; however, as was previously stated, this will fall off your CR in 2 years. Unless you are planning on applying for a mortgage during that time period, I too would negotiate a significantly lower amount and pay that instead.
+1 it will age off no later than 7.5 years from the date of first delinquency no matter if you pay it or not but most fall off by the 7 year mark (30 days past due, then 60, 90, 120, Charge Off is usually how it goes.) so, say you were first 30 days late in January, and the account charged off in May. That would mean by January of 2016 you could be rid of it either way (but if you pay nothing, surely collectors will haunt you all the days of your life, ugh). But as previous poster said, if you are applying for a mortgage, well... don't apply for a mortgage. A manual review may uncover the settlement and look very bad. Good Luck!