A bit of a Dilemma ..and MBA at the Big 3

[TrailRunr]

That is why you send a debt validation letter and ask for documentation. That is what I did when I paid off a debt collector that had my WIU account. IIRC, I settled for a smaller amount than was owed and got the settlement offer in writing. Included in the settlement was the removal of the account from my credit reports. Five or six years later, there is still nothing on my credit reports about the WIU debt.

If you make a partial payment, it will make the account current. If you default on the account that is now current, then you reset the clock.

The OP doesn't have the collection agency on his/her report. So OP has a lot more to lose than you did. It's a very different situation.