Bad idea.
If you pay in installments, some creditors will use that as an excuse to reset the SOL and the DOFD. In other words, the seven-year "clock" on when the negative entry drops from your credit score would be reset, the collection would be re-aged to now, which would ding your FICO at least 10 to 20 points.
Should the system work like this? No, it's punishing people for trying to do the right thing. But that's reality. Don't mess with a collection or chargeoff unless you can pay in full, now.