We don't recommend it for a number of reasons. First off, paying over time only prolongs the pain with added interest, etc. Next, if you approach them with a payment plan if SOL had not expired, then they can, if they wanted to, reject the payment offer and sue for the full amount. In other words, approaching them within SOL wakes them up. When you are in a payment plan, depending on your state's laws, your SOL clock can restart with each payment. So, if a payment is missed, then they can sue for the full amount regardless of any settlement you made beforehand. Finally, paying over time eliminates the possibility of having the TL deleted inside the 7 years because they likely won't grant a deletion unless it is paid off.
If I had that reporting, I would rebudget my finances to decrease expenses and increase my income so as to rapidly save up the $10k as fast as possible, including selling off useless or unused stuff around the house via Craigslist or wherever or cash in savings or non-retirement investments. My goal would to be to have that $10k+ saved inside of a year. Once I had that, then I would contact the CA via a DV to get them to verify the debt (assuming they owned it and are reporting that) and if they verified and I agreed, then I'd send a PFD for a one-time payment and offer a settlement of that $10k....maybe half. It depends on the CA. If SOL had already expired, then saving the full $10k would be unnecessary and would offer a lesser amount once I had it all saved.
Starting Score: 538