What Do I Do About Navicore Solutions, SoFi and Prosper?


Dear Steve,

I lost my job due to COVID last June and have not found work yet. My unemployment is $650 per week.

My debt accumulated due to depression resulting from issues I had with my husband (which we are working through).

I am trying to pay down my debt, but due to the amount outstanding, not my credit score of 637, I am not qualified for a loan. My credit rating is an F.

I am looking for some guidance on how best to pay the debt without it further impacting my credit score and because my husband and I are hoping to purchase our first home this year.

I have 2 unsecured personal loans – Sofi $10k with a monthly payment of $855 with an 11.65% interest rate but is in forbearance at the moment and doesn’t have a pre-payment penalty.

I also have another loan with Prosper for $6k with a monthly payment of $365 at an 18.78% interest rate. The loan payment was reduced to $75 per month, and the loan was re-amortized with no pre-payment penalty.

I also have a credit card debt of about $27,600. However, only $17k is with Navicore Solutions – a debt management company based in NJ.

My monthly payment with them is $444. I chose to keep 2 credit cards (about $9k) to pay off to keep my monthly payment low with them.

How can I pay the loans off, seeing they are the highest debts, and also pay off the two credit cards since I am not eligible for a consolidation loan while still staying afloat to pay Navicore Solutions monthly?

Or, is there a better way to pay off everything somehow, someway in your opinion?

I do not want to do a settlement program because that will hurt my credit for 7 years.

That’s why I chose a debt management program for some of the debts for them to handle.



Dear Cynthia,

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Depression is a big driver of debt. You aren’t alone in that, sadly.

My first reaction is that your approach is scattered and disorganized. The fact you are currently underemployed is not helping things at the moment either.

If I read your question accurately, you have previous debt consolidation loans you can’t afford, some credit cards you needed credit counseling help with, and some cards you left out and trying to manage on your own.

On top of all this, you want to buy a house ad are concerned about protecting your credit.

You did not share if your husband is working and if his income can help pay the debts you mentioned. That would change what I’m about to tell you if he could.

Since money is tight, I can’t see any clear path to getting a new mortgage right now with the best rates available. Your credit report apparently already shows loans on hold, credit cards in credit counseling, and another credit card that might already be over its 30% utilization target. Your debt to income ratio might be way out of wack.

If the goal is to buy a house as soon as you can, I don’t feel your current strategy is the best approach.

You mentioned wanting to avoid settlement because it will hurt your credit for seven years. But how long is it going to take you to dig out of the current situation?

The Federal Reserve Bank of New York found Those That File Bankruptcy Do Better Than Those That Don’t. This is primarily because people who file bankruptcy quickly eliminate their debt in 90 days instead of extending it out for many years.

Until the employment situation can be corrected, I’m not sure I would rush to file bankruptcy or make any other changes.

Clearly, it would be best to have a comprehensive discussion with an experienced debt coach to set a goal and then create a plan to accomplish the goal. I recommend my friend Damon Day since he is one of the finest consultants out there for these situations.

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As it stands now, your issue is not with Navicore Solutions, Prosper, or SoFi but with the scattered approach and underlying issues that have brought you to today.

Until you have a well thought out strategy, the situation is a good credit goal with a bad credit situation. You know where you want to go, a new home, but you need a reality-based plan on how to get there.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

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