I'll be taking you through the do's and do-not-do's of foundation repair.
Ready?
First, patch the cracks in the slab using a latex patching compound and a patching trowel.
Now, do you have extruded polyvinyl foam insulation?
Good.
Assemble the aluminum J-channel using self-furring screws.
Install.
After applying brushable coating to the panels you'll need corrosion-resistant metal stucco lath.
If you can't find metal stucco lath use carbon-fiber stucco lath.
Now parge the lath.