Credit card debt is typically sold to debt buyers for about $0.06 on the dollar, and the buyer/collector is usually very happy to collect a fraction of the debt

Credit card debt is typically sold to debt buyers for about $0.06 on the dollar, and the buyer/collector is usually very happy to collect a fraction of the debt if it means they earn a profit on your account. It is common for them to get some information from you to figure out how much you can pay. In any case, give them a call. It is very likely that they will be happy to collect the $1000 down payment and set you up to pay the rest (or some fraction of the rest) in installments. My understanding is that you are better off working this out directly with them than going to court. Background: I am not a lawyer. However, I worked on issues related to the debt collection industry as part of the FTC's consumer protection bureau.