<PAGE> 1
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: November 15, 1999
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
- ------------------------------------------------------------------
(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
------------
Exhibit Index appears on page 3
<PAGE>
<PAGE> 2
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
--------
99 Statement to Series 1996-1 Participants with respect to the
distribution on November 12, 1999 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 November 15,
1999 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 November 15,
1999 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: November 23, 1999
-----------------------
- 2 -
<PAGE>
<PAGE> 3
EXHIBIT INDEX
Exhibit
Number Exhibit Page
- ------- ------- ----
4
99
Statement to Series 1996-1 Participants with respect to the
distribution on November 12, 1999 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 November 15, 1999 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 November 15, 1999 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.
-3-
<PAGE> 1
<TABLE>
<CAPTION>
Household Consumer Loan Trust, Series 1996-1
Deposit Trust Calculations
Previous Due Period Ending Sep 30, 1999
Current Due Period Ending Oct 31, 1999
Prior Distribution Date Oct 14, 1999
Distribution Date Nov 12, 1999
<S> <C>
Beginning Trust Principal Receivables 3,995,587,708.41
Average Principal Receivables 3,995,351,713.30
FC&A Collections (Includes Recoveries) 64,171,880.49
Principal Collections 125,296,329.28
Additional Balances 53,039,737.28
Net Principal Collections 72,256,592.00
Defaulted Amount 30,002,479.06
Miscellaneous Payments 0.00
Principal Recoveries 1,884,610.00
Beginning Participation Invested Amount 325,375,627.50
Beginning Participation Unpaid Principal 325,375,627.50
Balance
Ending Participation Invested Amount 317,047,797.61
Ending Participation Unpaid Principal Balance 317,047,797.61
Accelerated Amortization Date Feb 28, 2001
Is it the Accelerated Amortization Period? 0
0=No
OC Balance as % of Ending Participation 9.521%
Invested Amount (3 month average)
Is it Early Amortization? (No, if 3 month OC 0
Average >or=4.75%)
Investor Finance Charges and Administrative
Collections
Numerator for Floating Allocation 325,375,627.50
Numerator for Fixed Allocation 334,301,082.20
Denominator - Max(Sum of Numerators, Principal 3,995,351,713.30
Receivables)
Applicable Allocation Percentage 8.1439%
Investor FC&A Collections 5,226,064.53
Series Participation Interest Default Amount
Numerator for Floating Allocation 325,375,627.50
Denominator - Max(Sum of Numerators, Principal 3,995,351,713.30
Receivables)
Floating Allocation Percentage 8.1439%
Series Participation Interest Default Amount 2,443,358.22
Principal Allocation Components
Numerator for Floating Allocation 325,375,627.50
Numerator for Fixed Allocation 334,301,082.20
Denominator - Max(Sum of Numerators, Principal 3,995,351,713.30
Receivables)
Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through 6.7500%
Rate, [Max(b,c)]
(b) Prime Rate minus 1.50% 6.7500%
(c) Rate Sufficient to Cover Interest, Yield 5.8716%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 325,375,627.50
Principal Balance
(e) Actual days in the Interest Period 29
Series Participation Monthly Interest, [a*d*e] 1,769,229.97
Series Participation Interest Interest 0.00
Shortfall
Previous Series Participation Interest Interest 0.00
Shortfall
Additional Interest 0.00
<PAGE>
<PAGE> 2
Series Participation Interest Monthly Principal
Available Investor Principal Collections, 8,327,829.89
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 5,884,471.67
or e]
(b) prior to Accelerated Amort. Date or not 5,884,471.67
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 8.1439%
(d) Net Principal Collections 72,256,592.00
(e) after Accelerated Amort Date or Early Amort 10,483,857.61
Period, [f*g]
(f) Fixed Allocation Percentage 8.3673%
(g) Collections of Principal
125,296,329.28
(h) Minimum Principal Amount, [Min(i,l)] 3,413,403.08
(i) Floating Allocation Percentage of 10,203,950.66
Principal Collections
(j) 1.8% of the Series Participation Interest 5,856,761.30
Invested Amount
(k) Series Participation Interest Net Default 2,443,358.22
Payment Amount
(l) the excess of (j) over (k) 3,413,403.08
(m) Series Participation Interest Net Default 2,443,358.22
Payment Amount
(n) Optional Repurchase Amount (principal only) 0.00
at Sec. 9
Application of Investor Finance Charges and
Admin Collections
Investor Finance Charges and Admin. Collections 5,226,064.53
[Sec. 4.11(a)]
Series Servicing Fee paid if HFC is not the 0.00
Servicer [Sec. 4.11(a)(i)]
plus any unpaid Series Servicing Fee of other 0.00
than HFC
Series Participation Interest Monthly Interest 1,769,229.97
[Sec. 4.11(a)(ii)]
Series Participation Interest Interest Shorfall 0.00
[Sec. 4.11(a)(ii)]
Additional Interest [Sec. 4.11(a)(ii)] 0.00
Series Participation Interest Default Amount 2,443,358.22
[Sec. 4.11(a)(iii)]
Reimbursed Series Participation Interest Charge- 0.00
Offs [Sec. 4.11(a)(iv)]
Servicing Fee Paid [Sec. 4.11(a)(v)] 542,292.71
Excess [Sec. 4.11(a)(vi)] 471,183.63
Series Participation Investor Charge Off [Sec. 0.00
4.12(a)]
Seller's Interest
677,365,916.57
Seller's Interest Percentage 17.40%
</TABLE>
<PAGE>
<PAGE> 3
<TABLE>
Series 1996-1
Owner Trust Calculations
Due Period Oct 31, 1999
Ending
Payment Date Nov 15, 1999
Calculation of Interest Expense
Index (LIBOR) 5.406250%
Accrual end date Nov 15, 1999
Accrual beginning date Oct 15, 1999
and days in Interest Period 31
<S> <C> <C> <C> <C>
Class A Class B Certificates Overcoll Amount
Beginning Unpaid 169,125,680.24 113,881,469.63 11,388,146.96 30,980,330.67
Principal
Balance
Previously 0.00 0.00 0.00
unpaid
interest/yield
Spread to index 0.22% 0.60% 1.00%
Rate (capped at 5.626250% 6.006250% 6.406250%
13%, 15%, 16%)
Interest/Yield 819,384.56 589,000.50 62,822.63
Payable on the
Principal
Balance
Interest on 0.00 0.00 0.00
previously
unpaid
interest/yield
Interest/Yield 819,384.56 589,000.50 62,822.63
Due
Interest/Yield
Paid 819,384.56 589,000.50 62,822.63
Summary
Beginning
Security Balance 169,125,680.24 113,881,469.63 11,388,146.96 30,980,330.67
Beginning
Adjusted Balance 169,125,680.24 113,881,469.63 11,388,146.96
Principal Paid 4,328,61207 2,914,740.47 291,474.04 860,789.904,328,612.07
Ending Security
Balance 164,797,068.17 110,966,729.16 11,096,672.92 30,187,327.36
Ending Adjusted
Balance 164,797,068.17 110,966,729.16 11,096,672.92
Ending 3.5000%
Certificate
Balance as %
Participation
Interest
Invested Amount
<PAGE>
<PAGE> 4
Targeted Balance 164,797,068.17 110,966,729.16 11,096,672.92
Minimum Adjusted 49,000,000.00 4,900,000.00 13,300,000.00
Balance
Certificate 9,607,816.46
Minimum Balance
Ending OC Amount 30,187,327.36
as Holdback
Amount
Ending OC Amount 0.00
as Accelerated
Prin Pmts
Beginning Net 0.00 0.00 0.00 0.00
Charge offs
Reversals 0.00 0.00 0.00 0.00
Charge offs 0.00 0.00 0.00 0.00
Ending Net 0.00 0.00 0.00 0.00
Charge Offs
Interest/Yield $1.2834971 $4.3231095 $2.4679529
Paid per $1000
Principal Paid $6.7804074 $21.3934322 $11.4503994
per $1000
</TABLE>
<PAGE>
<PAGE> 5
<TABLE>
Series 1996-1 Owner Trust Calculations
Due Period October 1999
Payment Date Nov 15, 1999
Optimum Monthly Principal [a+b+c]
<S> <C>
(a) Available Investor Principal Collections 8,327,829.89
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 67,786.59
Series Participation Interest Monthly Interest 1,769,229.97
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A Interest Distribution- Sec. 819,384.56
3.05(a)(i)(a)
Pay Class B Interest Distribution- Sec. 589,000.50
3.05(a)(i)(b)
Pay Certificates the Certificate Yield- Sec. 62,822.63
3.05(a)(i)(c)
Principal up to Optimum Monthly Principal
Balance
Pay Class A to Targeted Principal Balance- 4,260,825.48
Sec. 3.05(a)(ii)(a)
Pay Class B to Targeted Principal Balance 2,914,740.47
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Certificate Yield if not paid pursuant to 0.00
Sec. 3.05 (a)(i)(c)
Principal up to Optimal Monthly Principal
Pay Certificate to Targeted Principal Balance 291,474.04
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 860,789.90
subject to OC Min Bal- Sec. 3.05(a)(iv)
Principal up to Accelerated Principal Payment
Amout
Pay Class A to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(a)
Pay Class B to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(b)
Pay Class A to zero- Sec. 3.05(a)(v)(c) 67,786.59
Pay Class B to zero- Sec. 3.05(a)(v)(d) 0.00
Principal up to Optimal Monthly Principal
Pay Class A to zero- Sec. 3.05(a)(vi)(a) 0.00
Pay Class B to zero- Sec. 3.05(a)(vi)(b) 0.00
Pay Certificates up to Certificate Minimum 0.00
Balance or zero- Sec. 3.05(a)(vi)(c)
Pay HCLC Optimum Monthly Principal provided 0.00
OC >0- Sec. 3.05(a)(vi)(d)
Remaining Amounts to Holder of Designated 230,235.69
Certificate - Sec. 3.05(a)(vii)
<PAGE>
<PAGE> 6
Allocations of Distributions to
Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt 860,789.90
subject to OC Min Bal- Sec. 3.05(a)(iv)
Pay HCLC Optimum Monthly Principal 0.00
provided OC >0- Sec. 3.05(a)(vi)
To Designated Certificate Holder up to total 67,786.59
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 793,003.31
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 2,923.97
</TABLE>
