The MultiCarrier Modulation (MCM) system with soft decision erasures correcting decoding based on a block code applied for Nakagami fading channel is considered. Upper and lower estimations of the Bit Error Rate (BER) have been found. Good agreement between simulated and theoretical results has been obtained. It is shown that for low SNR the proposed system has lower BER than MCM with Trellis Code Modulation (TCM). Moreover the decision delay needed for the proposed system is much lower than for the TCM based system.