What is the DOFD? Is this within or beyond SOL?
If you can afford to pay $150/month, then you can settle. A settlement can be made for an agreed amount, with installment payments. If this is beyond SOL, then you have the most leverage without fear of being sued.
If the original debt is $4400, they may accept 50% with payments. That would be $2400. If you paid $200 per month, that is settled in 12 months. Sometimes you can actually get a PFD agreement with installments, though much more rare.
Be sure to do it all in writing. Make the offer in writing. Get a signed, returned agreement. Make sure each check is limited endorsed to indicate the payment toward the agreement.
Once you get the CA paid, you can work on GW with the OC.
If this is beyond SOL, you have more options than if still within SOL...because of the possibility of suit, judgment and garnished wages, potentially (depending on your state laws).
The down side to payments on CA is that the CA will update (most likely) the account on your CR each month as your payments get applied, which means the CA is updated each month keeping it "new" as far as FICO is concerned. Until they stop updating the status, it doesn't age in the eyes of FICO. Paid or unpaid won't affect FICO....but will matter to LO review often times, and once settled you eliminate potential for suit.
IMO 