Bankruptcy Counseling Disclosure
Funding sources received by Navicore Solutions for the provision of its services are through the following:
- Monthly service fees and a one-time enrollment fee from clients enrolled in our Debt Management Program (These funds are used to help defray administrative costs of the DMP and are not fees for counseling.),
- Fair Share Contributions received from creditors as dictated by their guidelines,
- Grant funding for financial education and program services, and
- HUD funding and lender funding for the provision of housing counseling.
Navicore Solutions does not pay or receive compensation or other consideration for the referral of debtors to or by Navicore Solutions. Navicore Solutions is a 501c (3) non-profit organization.
- All of Navicore Solutions’ counselors must meet certification requirements, as set forth by the National Foundation for Credit Counseling (NFCC) Code of Practice. A counselor is required to complete a testing and certification program, as conducted by the NFCC, in order to be designated as a Certified Consumer Credit Counselor. Once a counselor successfully completes the certification program, the standard requirement for certification has been fulfilled and the counselor is designated as a Certified Consumer Credit Counselor.
- In order to maintain Certified Consumer Credit Counselor status, the counselor is required to uphold the NFCC Code of Ethics and earn a minimum of 16 Professional Development Units every 2 years.
Credit Report Impact
- Budget and credit counseling sessions do not pose a negative impact on a consumer’s credit score.
- Late payments, unpaid debts, charge-offs, accounts sent to collections, and judgments are considered derogatory and may stay on a credit report for up to 7 years.
- If the consumer enrolls in a Debt Management Program (DMP), a notation may appear on the credit report, at the discretion of the lender, that the consumer is making payments through a 3rd party. The notation is removed once the program has been completed or the agreement has been terminated. Establishment of a DMP may or may not adversely affect an individual’s credit score.
- Accounts settled for less than full balance are considered derogatory and may stay on a credit report for up to 7 years.
- The bankruptcy notation will remain on the report for a period of up to 10 years.
Cost of Services
- The fee for Navicore Solutions’ bankruptcy counseling service is $50. There is no additional fee for consumers taking the course jointly. Payment may be made by phone, online, check or money order. No individual will be refused counseling if they demonstrate the inability to pay, due to income level and/or hardship situation.
- Navicore Solutions will waive the fee if your household income falls below 150% of the poverty guidelines, as determined by the U.S. Department of Health and Human Services or, if you are receiving your legal services pro bono. The waiver request form is available on our website or can be requested from one of our counselors. This form must be submitted along with proof of income or pro bono services prior to the start of your counseling session.
- It is Navicore Solutions’ obligation to provide a certificate of counseling completion in a prompt manner. Certificates are issued only if the client has completed the online program and phone review with a counselor. Clients, on their own, or through Navicore Solutions’ services, have the right to negotiate an alternative payment schedule with regard to each unsecured consumer debt. Navicore Solutions provides course instruction in English and Spanish. For other languages clients are referred to another agency for assistance.
- Navicore Solutions does not disclose any nonpublic personal information about our customers except as permitted by law, subpoenaed by court or disclosed to the U S Trustee in connection with their oversight of our agency, during the investigation of complaints, during on-site visits, or during quality service reviews.
- Navicore Solutions does not disclose information to credit reporting agencies that a customer has sought credit-counseling instruction.
- Navicore Solutions may disclose client information to the United States Trustee as noted above.
- The United States Trustee has reviewed Navicore Solutions’ counseling services and its services as a provider of a post-bankruptcy personal financial management instructional course pursuant to 11 U.S.C.111 (d), yet has neither reviewed nor approved any other services. Navicore Solutions provides exceptional counseling services that are available to the public regardless of income, sex, age, place of residence, or any other demographical criteria.