It is difficult to give firm advice on how to PFD, since acceptance is ultimately the decision of the party who reported it to the CRA. It is a form of good-will request, with an incentive of $ as a kicker. You can always offer a PFD. It is a private negotiation, and you can request whatever you want.
If a debt is still within SOL, the party can use legal action to attempt full collection without any need to grant CR deletion. So it is advisable to first know if the debt is still within SOL. If it is outside SOL, that will most likely improve your chances, and remove peril of legal action as their response. Paying and then asking for GW removes any threat of legal action, but also removes their incentive to accept.
I personally would not normally secure new debt to pay old debt. However, if you can get a low interest loan to pay off higher interest debt, it might be financially beneficial.
Added to that is the consideration that, if you dont currently have any installment accounts, a loan would improve your credit mix, provided the creditor reports to the CRA.
So before taking that route, I would be sure that any personal loan will be reported to the CRAs.
