Yes NEGOTIATE!
They have sold your debt for pennies on the dollar to this creditor. I would call and tell them you'd like to settle this debt TODAY and make them an offer.
I would offer no more tha 50% of the ORIGINAL debt. [Late fees and interest ARE commonly written off] If your original debt was 5400 then I would start with an offer of 2000. This way you can always negotiate upwards. Always leave yourself some wiggle room.
Also, when you make an offer be prepared to pay that day. This always perks their interest! They will want you to pay check/debit/credit- by phone that day. Tell them you want them to mail/fax you a letter stating they are accepting this as payment in full! That way there is no coming back for the rest of the amount OR something else they are doing is writing it off on taxes and YOU will be mailed a 1099 for the whole amount they write off....and of course this means additional income that YOU must claim for the year! So get their "payment in full" in writing!
Edited to add:
If for some reason they will NOT accept an offer then tell them you'll see them in court.....AND SHOW UP! This is your chance to tell the judge, hey, I called and offered a settlement amount and they would not accept it. As far as I'm concerned MY DEBT was NOT with THIS COMPANY/CREDITOR!! [and legally its NOT] So show me a contract!! THEY can not produce ANY contract between you and them whatsoever....YOUR debt is with CHASE, remember?!! So show up in court and fight them.....I don't think loopholes should make any of these "debt mongers" legal! buh!
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