A family member with Credit Card Debt has missed a few payments. The bank sent a letter saying that they would be willing to settle for 20% less of the current debt.
Question: Can the debt be negotiated?
For example: If he commits to paying the full balance on the card can he try and negotiate with the bank to reduce the debt by 30% (or more)?
Edit: I would like to add that by "commits to paying the full balance" I mean that he will pay off the debt in one payment.