Will the bank let us do this?

i honestly do not know, perhaps call them first? i am pretty sure that nothing can be changed until it is paid.
however if you set up a payment plan and make arrangements i do not think your husband's credit will be affected?

Do banks let you set up payment plans for things like that? I've never heard of them doing that.

i have known banks to allow that.. i have found that if you ask (and keep asking and moving higher up the chain of command) you will eventually find someone to work with you.

Yes, banks will let you do this. My account was overdrawn at one point and they let me come in every time I got paid and pay on it. The put a block on the account so nothing else would come through and the also stopped charging the daily over draw fee. And at that time I banked with Fifth Third.

I think they will do this.But I think you should call the customer care of that bank and collect all the details related to this.