Debt Management

A Debt Management Plan simplifies the sometimes nerve-wracking process of paying too many bills. If you qualify for the program, you can possibly:

• Lower your monthly payments
• Lower or waive your interest
• Stop collection calls
• Waive late fees
• Consolidate your debt into an affordable repayment plan

The first step is to review your information with a certified credit counselor, who can help you determine the most appropriate solutions based on your situation. A Navicore Solutions counselor can also help create a budget that works just for you. All of our counselors are certified through the National Foundation for Credit Counseling (NFCC).

A Debt Management Plan allows you to make one fixed monthly payment on all of your unsecured debts. Your payment is sent to a FDIC bank account where your funds will go to each of your creditors. If the program is right for you, the results lower your monthly payments and interest rates, waive fees and simplify your repayment process by consolidating your debt into an affordable repayment plan.

This is up to you. If your counselor recommends a Debt Management Plan as the appropriate solution for your situation, your counselor can provide you with a link sent directly to your email upon completion of your session. By taking a few minutes to access, complete, and submit the information sent to you through this link, we can begin to contact your creditors and work towards establishing your Debt Management Program.

You will continue to receive your monthly statements from your creditors. After enrollment, you’ll be provided a online portal to monitor progress as well as an app for you phone. There is 24/7 chat support in the app. 

Home Eligible is not a lending institution and there are no qualifying factors to receive assistance from our organization. 

• Budget Counseling
• Credit Counseling
• Housing Counseling
• Student Loan Counseling
• Bankruptcy Counseling and Education
• Financial Education and Workshops

Our program is designed to help you improve your credit score while paying off your debt.  While on our program, your creditors will receive agreed upon payments in a timely and consistent manner. This will result in your balances decreasing and your credit improving over time. Initially scores typically do go down before coming back up.

Although Debt Management and Debt Settlement may sound similar, they are very different. On a Debt Management Plan you establish an agreed upon fixed monthly payment with each of your creditors.  Alternatively, a settlement is when the outstanding balance owed to a creditor is negotiated to a lesser amount.  The target is always 50% of the amount owed. Obviously this will save the most money but credit scores do go down during this process. However, once the debt is paid, scores typically rebound quickly. 

Typically, the program is designed for your accounts to be paid in full in 2 – 5 years. You can make additional payments at any time through your Debt Management Plan reducing the amount of time it will take for you to complete the program.

Collection calls will usually stop after three consecutive payments are made through the plan. If you receive a call from a creditor you can explain to them that you are working with us, and you should also let us know that the call was received.

Some creditors will begin offering the benefits of the program as soon as your account has been set up on a program. In some cases, it may take up to three consecutive monthly payments made through the program until all reductions are applied.