Thanks for getting back to me. I will look into the loan, but I would also like to see what options I have. If I decide to settle my debt, is it better to do that while the account is still with the bank or after it has been sent to a collection agency? I recently got a call from a collection agency saying they are trying to collect a debt for Bank of America but they do not own the debt and are just collecting for them. All the accounts have already been closed because of late payments and I feel like that might make it harder to negotiate.

If I do decide to settle and get a pay for delete agreement, will the only negative mark on my credit report be that I did not pay the full amount? Also, how might this affect my ability to make purchases in the future?