After recieving a notice from the collections notice from a rental company, in this case Blockbuster, for a debt, is it too late to return the late merchandise in order to rectify the debt?

I recently recieved a notice of a deliquent payment from a video game that I had allowed my brother to rent on my account. He picked the game, I rented it for him, as long as he promised to return the game to the drop box. It slipped his mind, and now it’s gone to a collections company. I’m wondering if, instead of keeping the game at a considerable markup, if I could instead return the game to the store, and a good portion of my debt will be forgiven.