FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: August 14, 1997
HOUSEHOLD CONSUMER LOAN TRUST 1996-1
------------------------------------
(Exact name of registrant as specified in its charter)
HOUSEHOLD FINANCE CORPORATION
-----------------------------
(Administrator of the Trust)
(Exact name as specified in Administrator's charter)
Delaware 0-21979 88-0367746
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(State or other juris- (Commission File Numbers) (IRS Employer
diction of incorpora- Identification
tion of Administrator) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
- ------------------------------------------------------------------
(Address of principal executive offices of (Zip Code)
Administrator)
Administrator's telephone number, including area code 847/564-5000
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Exhibit Index appears on page 3
<PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
--------
99 Statement to Series 1996-1 Participants with respect to the
distribution on August 14, 1997 as provided for under Article
V of the Pooling and Servicing Agreement dated as of September
1, 1995 among Household Finance Corporation, as Servicer and
The Chase Manhattan Bank, N.A., as Deposit Trustee and Section
5 of the Series 1996-1 Supplement to the Pooling and Servicing
Agreement, (b) Noteholders with respect to the Payment Date on
August 15, 1997 as provided for under Section 3.23 of the
Indenture dated as of March 1, 1996 between Household Consumer
Loan Trust 1996-1 and The Bank of New York, as Indenture
Trustee, and (c) Certificateholders with respect to the
Payment Date on August 15, 1997 as provided for under Section
5.04 of the Trust Agreement dated as of March 1, 1996 between
Household Consumer Loan Corporation and The Chase Manhattan
Bank (USA), as Owner Trustee.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Administrator has duly caused this report to be signed on
behalf of the undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Administrator of and on behalf of the
HOUSEHOLD CONSUMER LOAN TRUST 1996-1
----------------------------------------
(Registrant)
By: /s/ J. W. Blenke
-----------------------------------
J. W. Blenke
Authorized Representative
Dated: August 27, 1997
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- 2 -
<PAGE>
<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
- ------- ------- ----
4
99 Statement to Series 1996-1 Participants with respect to the
distribution on August 14, 1997 as provided for under Article
V of the Pooling and Servicing Agreement dated as of September
1, 1995 among Household Finance Corporation, as Servicer and
The Chase Manhattan Bank, N.A., as Deposit Trustee and Section
5 of the Series 1996-1 Supplement to the Pooling and Servicing
Agreement, (b) Noteholders with respect to the Payment Date on
August 15, 1997 as provided for under Section 3.23 of the
Indenture dated as of March 1, 1996 between Household Consumer
Loan Trust 1996-1 and The Bank of New York, as Indenture
Trustee, and (c) Certificateholders with respect to the
Payment Date on August 15, 1997 as provided for under Section
5.04 of the Trust Agreement dated as of March 1, 1996 between
Household Consumer Loan Corporation and The Chase Manhattan
Bank (USA), as Owner Trustee.
U:\WP\HFS088\8K\HCLT96-1.8K
-3-
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Household Consumer Loan Deposit Trust
Collateral Report
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Number of Due Periods Since Inception 23
Due Period 01-Jul-97
Distribution Date 14-Aug-97
Payment Date 15-Aug-97
*** Trust Portfolio Summary ***
Annualized Cash Yield 19.11%
Annualized Gross Losses -8.87%
Annualized Portfolio Yield 10.23%
Contractual Delinquency Status of Credit Lines: (Principal / Principal)
30 - 59 days ($) 176711767.54
30 - 59 days (%) 5.45%
60 - 89 days ($) 69294130.70
60 - 89 days (%) 2.14%
90 - 119 days ($) 44724056.03
90 - 119 days (%) 1.38%
120 - 149 days ($) 35958385.72
120 - 149 days (%) 1.11%
150 - 179 days ($) 31172147.46
150 - 179 days (%) 0.96%
180 - 209 days ($) 30006298.32
180 - 209 days (%) 0.92%
210 - 239 days ($) 29036116.05
210 - 239 days (%) 0.89%
240 - 269 days ($) 29157699.13
240 - 269 days (%) 0.90%
270 - 299 days ($) 29653638.34
270 - 299 days (%) 0.91%
300+ days ($) 4679315.58
300+ days (%) 0.14%
Add'l Balances on Existing Credit Lines (draws-principal only) 55,646,238.80
Principal Collections 91,839,043.70
Defaulted Receivables 24,473,745.73
Finance Charge & Administrative Collections 51,436,897.83
Recoveries 1,250,662.00
Average Principal Balance 3,309,185,433.20
Personal Homeowner Lines as % of Total Principal 27.39%
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Household Finance Corporation
Household Consumer Loan Corporation
Household Consumer Loan Trust Series 1996-1
*****************************************************************************
No. of PMTs Since Issuance: 17
Distribution Date: 14-Aug-97
Payment Date: 15-Aug-97
Collection Period Beginning: 01-Jul-97
Collection Period Ending: 31-Jul-97
Note and Certificate Accrual Beginning: 15-Jul-97
Note and Certificate Accrual Ending: 15-Aug-97
PAYMENT CALCULATIONS:
OC Balance as % of Beginning Participation Invested Amount 6.78%
OC Balance as % of Ending Participation Invested Amount 6.93%
OC Balance as % of Ending Participation Invested Amount (3 mo avg 6.63%
Does Early Amortization Start Based on OC/Part. Invstd. Amt. Test ---
Is the MAP Over? 0.00
Is this the Early Amortization Period? 0.00
Interest Allocation Percentage Calculation:
Numerator 624,586,953.44
Denominator-Component(x)-Aggregate Receivables & Partc. Int 3,309,185,433.20
Denominator - Component (y) - Aggregate Numerators 3,020,135,373.96
Applicable Interest Allocation Percentage 18.87%
Principal Allocation Percentage Calculation:
Numerator 624,586,953.44
Denominator-Component(x)-Aggregate Receivables & Partc. Int 3,309,185,433.20
Denominator - Component (y) - Aggregate Numerators 3,020,135,373.96
Applicable Principal Allocation Percentage 18.87%
Default Allocation Percentage Calculation:
Numerator 624,586,953.44
Denominator-Component(x)-Aggregate Receivables & Partc. Int 3,309,185,433.20
Denominator - Component (y) - Aggregate Numerators 3,020,135,373.96
Default Allocation Percentage (Floating Allocation Percentage) 18.87%
Minimum Principal Amount Calculation:
1.8% of Participation Invested Amount 11,242,565.16
Series Participation Interest Default Amt (Sec.4.11(a)(iii)) 4,619,258.30
Excess of (i) 1.8% of Part Inv Amt over (ii)Series Part. Int 6,623,306.86
Minimum Principal Amount 6,623,306.86
Investor Principal Collections 6,831,153.53
Investor Finance Charge and Admin. Collections (4.11a) 9,944,429.87
Investor Allocated Defaulted Amounts 4,619,258.30
DEPOSIT TRUST CALCULATIONS
Beginning Participation Unpaid Principal Balance 624,586,953.44
Beginning Participation Invested Amount 624,586,953.44
Ending Participation Unpaid Principal Balance 613,136,541.61
Ending Participation Invested Amount 613,136,541.61
Beginning Participation Unpaid Principal Bal x (PRIME-1.50%) 3,764,871.36
Note Interest & Cert Yield Amounts Due Pursuant to Sec. 3.05 3,019,605.12
Participation Invested Amount x 25bps per annum 130,122.28
Participation Interest Distribution Amount 3,764,871.36
Application of Investor Finance Charges & Administrative Collections:
Investor Finance Charge and Admin. Collections (4.11a) 9,944,429.87
Servicing Fee if HFC is not the Servicer (Sec. 4.11 (a)(i) 0.00
Series Participation Interest Monthly Interest (Sec.4.11(a)(ii)) 3,764,871.36
Series Participation Interest Default Amount (Sec.4.11(a)(iii)) 4,619,258.30
Reimbursed Series Particpation Interest Charge-Offs (Sec.4.11(a)(i 0.00
Servicing Fee if HFC is the Servicer (Sec. 4.11 (a)(v)) 1,040,978.26
Excess (Sec. 4.11 (a)(vi)) 519,321.96
Reconciliation Check 0.00
Series Participation Interest Monthly Principal 11,450,411.83
Beginning Unreimbursed Participation Interest Charge-Offs 0.00
Series Participation Interest Charge-Offs (Sec. 4.12 (a)) 0.00
Reimbursed Series Particpation Interest Charge-Offs (Sec. 4.11 (a)(i 0.00
Ending Unreimbursed Participation Interest Charge-Offs 0.00
Available Investor Principal Collections 11,450,411.83
Participation Interest Distribution Amount 3,764,871.36
Series Participation Interest Charge-Offs 0.00
OWNER TRUST CALCULATIONS
Note Interest & Cert Yield Amounts Due Pursuant to Sec. 3.05 3,019,605.12
Excess Interest 745,266.24
Beginning Net Charge-Offs 0.00
Reversals 0.00
+Available Investor Principal Collections 11,450,411.83
+Series Participation Interest Charge Offs 0.00
+ Lesser of Excess Interest and Carryover Charge Offs 0.00
Optimum Monthly Principal 11,450,411.83
Are the Notes Retired ? 0.00
Accelerated Principal Payment 130,122.28
Beginning Class A Security Balance 420,535,686.83
Beginning Class B Security Balance 136,244,640.00
Beginning Certificate Security Balance 25,455,360.00
Beginning Overcollateralization Amount plus APP 42,481,388.89
Beginning Class A Adjusted Balance 420,535,686.83
Beginning Class B Adjusted Balance 136,244,640.00
Beginning Certficate Adjusted Balance 25,455,360.00
Beginning Overcollateralization Amount plus APP 42,481,388.89
Class A Balance After Payment pursuant to clause (iv) 409,085,275.00
Class B Balance After Payment pursuant to clause (v) 136,244,640.00
Certificate Balance After Payment pursuant to clause (vi) 25,455,360.00
Class B Minimum Adjusted Principal Balance 49,000,000.00
Certificate Minimum Adjusted Principal Balance 4,900,000.00
Minimum Overcollateralization Amount 13,300,000.00
Certificate Minimum Balance Target 18,580,489.76
Scheduled Certificate Payment to Certificate Min Bal Target 6,874,870.24
Class A Targeted Balance 318,831,001.64
Class B Targeted Balance 124,343,516.20
Certificate Targeted Balance 9,558,655.16
Class A: Payment Required to get to Target 101,704,685.20
Class B: Payment Required to get to Target or Minimum Adj Bal 11,901,123.80
Certificate: Payment Required to get to Target or Min Adj Bal 15,896,704.84
OC: Payment to get to Minimum Overcollateralization Amount 29,181,388.89
Section 3.05 Payment of Principal & Interest; Defaulted Interest 0.00
Pay Certificate Yield in step (i) (1= Yes) 1.00
Remittances on the Participation 15,215,283.19
Interest and Yield
(i) Pay Class A Interest Distribution (Sec. 3.05 (i)(a)) 2,136,442.66
(ii) Pay Class B Interest Distribution (Sec. 3.05 (i)(b)) 736,744.37
(iii) Pay Certificates the Certificate Yield (Sec. 3.05 (i)(c)) 146,418.09
Principal up to Optimum Monthly Principal
(iv) Pay Class A to Targeted Principal Bal (Sec.3.05(ii)(a)) 11,450,411.83
(v) Pay Class B to Targeted Principal Bal (Sec.3.05(ii)(b)) 0.00
ONLY Pay Certificate Interest if not paid pursuant to (Sec.3.05(i)( 0.00
Principal up to Optimal Monthly Principal
(vi) Pay Certificate to Targeted Principal Balance (Sec.3.05(iii) 0.00
(vii) Pay OC Remaining Optimal Monthly Principal Amount (Sec.3.05( 0.00
Principal up to the Accelerated Principal Payment Amount
(viii) (a) Pay Class A to Targeted Principal Balance (Sec.3.05(v 130,122.28
(viii) (b) Pay Class B to Targeted Principal Balance (Sec.3.05(v 0.00
(viii) (c) Pay Class A to zero (Sec. 3.05 (v)(c)) 0.00
(viii) (d) Pay Class B to zero (Sec. 3.05 (v)(d)) 0.00
Principal up to Optimal Monthly Principal
(xi) Pay Class A to zero (Sec. 3.05 (vi)(a)) 0.00
(xii) Pay Class B to zero (Sec. 3.05 (vi)(b)) 0.00
(xiii) Pay Certificates, st.Certificate Min. Bal. Target (Sec.3.05( 0.00
(ix) Pay OC Remaining Optimum Monthly Principal (Sec.3.05(vi)(d)) 0.00
Remaining Amounts to Issuer (Sec. 3.05 (vii)) 615,143.96
Total Reconciliation Check 0.00
Accelerated Principal Reconciliation 0.00
Optimum Monthly Principal Reconciliation 0.00
BOND SUMMARY:
Beginning Class A Note Security Balance $420,535,686.83
Beginning Class B Note Security Balance $136,244,640.00
Beginning Certificate Security Balance $25,455,360.00
Beginning Overcollateralization Amount $42,351,266.61
Beginning Class A Adjusted Balance $420,535,686.83
Beginning Class B Adjusted Balance $136,244,640.00
Beginning Certficate Adjusted Balance $25,455,360.00
Beginning Overcollateralization Amount $42,351,266.61
Ending Class A Note Security Balance $408,955,152.72
Ending Class B Note Security Balance $136,244,640.00
Ending Certificate Security Balance $25,455,360.00
Ending Overcollateralization Amount $42,481,388.89
Ending Class A Adjusted Balance $408,955,152.72
Ending Class B Adjusted Balance $136,244,640.00
Ending Certficate Adjusted Balance $25,455,360.00
Ending Overcollateralization Amount $42,481,388.89
Class A Note Rate Capped at 13% 5.899690%
Class B Note Rate Capped at 15% 6.279690%
Certificate Rate Capped at 16% 6.679690%
Class A Interest Due $2,136,442.66
Class B Interest Due $736,744.37
Certificate Yield Due $146,418.09
Class A Interest Paid $2,136,442.66
Class B Interest Paid $736,744.37
Certificate Yield Paid $146,418.09
Class A Unpaid Interest $0.00
Class B Unpaid Interest $0.00
Certificate Unpaid Yield $0.00
Class A Principal Paid $11,580,534.11
Class B Principal Paid $0.00
Certificate Principal Paid $0.00
OC Principal Paid $0.00
Beginning Class A Net Charge-Off $0.00
Beginning Class B Net Charge-Off $0.00
Beginning Certificate Net Charge-Off $0.00
Beginning OC Net Charge-Off $0.00
Reversals Allocated to Class A $0.00
Reversals Allocated to Class B $0.00
Reversals Allocated to Certificates $0.00
Reversals Allocated to OC plus Acclerated Principal Payments $130,122.28
Total Charge-Offs: $0.00
Charge-Offs Allocated to Class A $0.00
Charge-Offs Allocated to Class B $0.00
Charge-Offs Allocated to Certificates $0.00
Charge-Offs Allocated to OC $0.00
Ending Class A Net Charge-Off $0.00
Ending Class B Net Charge-Off $0.00
Ending Certificate Net Charge-Off $0.00
Ending OC Net Charge-Off $0.00
Bond Balance Reconciliation (should equal $0.00) ($0.00)
Certificate Balance/Participation Invested Amount (Begin of Month 4.0756%
Designated Certificate / Certificate Security (Bal Begin of Month 1.003168%
Designated Certificate - Beginning of Month $255,360.00
Principal Payments in Respect of Designated Certificate (Sec.3.05( $0.00
Designated Certificate - End of Month $255,360.00
Interest Payments in Respect of Designated Certificate (Sec.3.05(i) $1,468.82
Designated Certificateholder Accelerated Principal Paymts-Begin $2,451,266.61
Accelerated Principal Payment (Sec. 3.05 (v)) $130,122.28
Payments to Holder of Designated Certificate in respect to Acc. Prin. $0.00
Designated Certificateholder Accelerated Principal Paymts-End $2,581,388.89
Designated Certificateholder Holdback Amount (Begin of Month) $39,900,000.00
Payments to Designated Certificates in Reduction of Holdback Amount $0.00
Designated Certificateholder Holdback Amount (End of Month) $39,900,000.00
Remaining Payments to Designated Certificates (Sec. 3.05 paragraph fo $0.00
Remaining Amounts to Issuer (Sec. 3.05 (vii)) $615,143.96
Monthly Security Report
Household Consumer Loan Trust 1996-1
Distribution Date 14-Jul-97
Payment Date: 15-Jul-97
Collection Period Beginning 01-Jul-97
Collection Period Ending: 31-Jul-97
Note and Certificate Accrual Beginning: 15-Jul-97
Note and Certificate Accrual Ending: 15-Aug-97
Ending Pool Principal Balance $3,244,833,922.32
Series 1996-1 Participation Invested Amount $613,136,541.61
Seller Amount $283,286,813.11
Remittances on the Participation $15,215,283.19
Optimum Monthly Principal $11,450,411.83
Accelerated Principal Payment $130,122.28
Beginning Class A Note Security Balance $420,535,686.83
Beginning Class B Note Security Balance $136,244,640.00
Beginning Certificate Security Balance $25,455,360.00
Beginning Overcollateralization Amount $42,351,266.61
Beginning Class A Adjusted Balance $420,535,686.83
Beginning Class B Adjusted Balance $136,244,640.00
Beginning Certficate Adjusted Balance $25,455,360.00
Beginning Overcollateralization Amount $42,351,266.61
Ending Class A Note Security Balance $408,955,152.72
Ending Class B Note Security Balance $136,244,640.00
Ending Certificate Security Balance $25,455,360.00
Ending Overcollateralization Amount $42,481,388.89
Ending Class A Adjusted Balance $408,955,152.72
Ending Class B Adjusted Balance $136,244,640.00
Ending Certificate Adjusted Balance $25,455,360.00
Ending Overcollateralization Amount $42,481,388.89
Class A Note Rate Capped at 13% 5.899690%
Class B Note Rate Capped at 15% 6.279690%
Certificate Rate Capped at 16% 6.679690%
Class A Interest Due $2,136,442.66
Class B Interest Due $736,744.37
Certificate Yield Due $146,418.09
Class A Interest Paid $2,136,442.66
Class B Interest Paid $736,744.37
Certificate Yield Paid $146,418.09
Class A Unpaid Interest $0.00
Class B Unpaid Interest $0.00
Cetificate Unpaid Yield $0.00
Class A Principal Paid $11,580,534.11
Class B Principal Paid $0.00
Certificate Principal Paid $0.00
OC Principal Paid $0.00
Beginning Class A Net Charge-Off $0.00
Beginning Class B Net Charge-Off $0.00
Beginning Certificate Net Charge-Off $0.00
Beginning OC Net Charge-Off $0.00
Reversals Allocated to Class A $0.00
Reversals Allocated to Class B $0.00
Reversals Allocated to Certificates $0.00
Reversals Allocated to OC plus Acclerated Principal Payments $130,122.28
Total Charge-Offs: $0.00
Charge-Offs Allocated to Class A $0.00
Charge-Offs Allocated to Class B $0.00
Charge-Offs Allocated to Certificates $0.00
Charge-Offs Allocated to OC $0.00
Ending Class A Net Charge-Off $0.00
Ending Class B Net Charge-Off $0.00
Ending Certificate Net Charge-Off $0.00
Ending OC Net Charge-Off $0.00
Interest paid per $1,000 Class A 3.346558
Principal paid per $1,000 Class A 18.139934
Interest paid per $1,000 Class B 5.407511
Principal paid per $1,000 Class B 0.000000
Yield Paid per $1,000 Certificate 5.751955
Principal Paid per $1,000 Certificate 0.000000
