Finance charge on TV loan?

So my friend bought a TV awhile back and its half way paid off. He has been late on his payments for 3 months now and was told by someone he can "settle" the account. I do not think this is true since its the original debtor, and has not been written off and sold to a debt collector. He wants to pay this off, but is having financial troubles. Can he call the company to make a payment arrangement and have like no interest payments for awhile? Will they even do this? They have made TONS of money from him from finance charges etc. What does he need to say when he calls them? Any advice would be greatly appreciated. Thanks!

He already made payment arrangements with the store. Many commercial credit contracts require a full and complete settlement if the payments go into arrears.
He can ask them if they are willing to allow him to pay the interest on the remaining amount for a while, until he gets back on his feet. They may allow him to do this.

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