<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: February 14, 2000
HOUSEHOLD CONSUMER LOAN TRUST 1996-1
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(Exact name of registrant as specified in its charter)
HOUSEHOLD FINANCE CORPORATION
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(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
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(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
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
--------
99 Statement to Series 1996-1 Participants with respect to the
distribution on February 14, 2000 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 February 15, 2000 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 February 15, 2000 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: February 17, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit
- ------- -------
99 Statement to Series 1996-1 Participants with respect to
the distribution on February 14, 2000 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
February 15, 2000 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 February 15, 2000 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.
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<TABLE>
<CAPTION>
Household Consumer Loan Trust, Series 1996-1
Deposit Trust Calculations
Previous Due Period Ending Dec 31, 1999
Current Due Period Ending Jan 31, 2000
Prior Distribution Date Jan 14, 2000
Distribution Date Feb 14, 2000
<S> <C>
Beginning Trust Principal Receivables 3,971,479,080.30
Average Principal Receivables 3,971,332,092.19
FC&A Collections (Includes Recoveries) 63,496,840.43
Principal Collections 112,677,807.67
Additional Balances 51,872,730.15
Net Principal Collections 60,805,077.52
Defaulted Amount 27,744,363.19
Miscellaneous Payments 0.00
Principal Recoveries 1,572,275.00
Beginning Participation Invested Amount 301,413,443.86
Beginning Participation Unpaid Principal 301,413,443.86
Balance
Ending Participation Invested Amount 294,692,779.04
Ending Participation Unpaid Principal Balance 294,692,779.04
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 301,413,443.86
Numerator for Fixed Allocation 308,523,581.23
Denominator - Max(Sum of Numerators, Principal 3,971,332,092.19
Receivables)
Applicable Allocation Percentage 7.5897%
Investor FC&A Collections 4,819,239.72
Series Participation Interest Default Amount
Numerator for Floating Allocation 301,413,443.86
Denominator - Max(Sum of Numerators, Principal 3,971,332,092.19
Receivables)
Floating Allocation Percentage 7.5897%
Series Participation Interest Default Amount 2,105,722.68
Principal Allocation Components
Numerator for Floating Allocation 301,413,443.86
Numerator for Fixed Allocation 308,523,581.23
Denominator - Max(Sum of Numerators, Principal 3,971,332,092.19
Receivables)
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<PAGE> 2
Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through 7.0000%
Rate, [Max(b,c)]
(b) Prime Rate minus 1.50% 7.0000%
(c) Rate Sufficient to Cover Interest, Yield 5.2911%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 301,413,443.86
Principal Balance
(e) Actual days in the Interest Period 31
Series Participation Monthly Interest, [a*d*e] 1,816,853.26
Series Participation Interest Interest 0.00
Shortfall
Previous Series Participation Interest Interest 0.00
Shortfall
Additional Interest 0.00
Series Participation Interest Monthly Principal
Available Investor Principal Collections, 6,720,664.82
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 4,614,942.14
or e]
(b) prior to Accelerated Amort. Date or not 4,614,942.14
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 7.5897%
(d) Net Principal Collections 60,805,077.52
(e) after Accelerated Amort Date or Early Amort 8,753,677.59
Period, [f*g]
(f) Fixed Allocation Percentage 7.7688%
(g) Collections of Principal
112,677,807.67
(h) Minimum Principal Amount, [Min(i,l)] 3,319,719.31
(i) Floating Allocation Percentage of 8,551,943.09
Principal Collections
(j) 1.8% of the Series Participation Interest 5,425,441.99
Invested Amount
(k) Series Participation Interest Net Default 2,105,722.68
Payment Amount
(l) the excess of (j) over (k) 3,319,719.31
(m) Series Participation Interest Net Default 2,105,722.68
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 4,819,239.72
[Sec. 4.11(a)]
Series Servicing Fee paid if HFC is not the 502,355.74
Servicer [Sec. 4.11(a)(i)]
plus any unpaid Series Servicing Fee of other 0.00
than HFC
Series Participation Interest Monthly Interest 1,816,853.26
[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 2,105,722.68
[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)] 0.00
Excess [Sec. 4.11(a)(vi)] 394,308.04
Series Participation Investor Charge Off [Sec. 0.00
4.12(a)]
Seller's Interest
894,616,891.32
Seller's Interest Percentage 23.04%
</TABLE>
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<TABLE>
Series 1996-1 Owner Trust Calculations
Due Period Jan 31, 2000
Ending
Payment Date Feb 15, 2000
Calculation of Interest Expense
Index (LIBOR) 5.781250%
Accrual end date Feb 15, 2000
accrual beginning date Jan 18, 2000
and days in Interest Period 28
<S> <C> <C> <C> <C>
Class A Class B Certificates Overcoll
Amount
Beginning 156,670,715.06 105,494,705.35 10,549,470.53 28,698,552.92
Unpaid
Principal
Balance
Previously 0.00 0.00 0.00
unpaid
interest/yield
Spread to 0.22% 0.60% 1.00%
index
Rate (capped 6.001250% 6.381250% 6.781250%
at 13%, 15%,
16%)
Interest/Yield 731,282.32 523,590.74 55,641.13
Payable on
the Principal
Balance
Interest on 0.00 0.00 0.00
previously
unpaid
interest/yield
Interest/Yield 731,282.32 523,590.74 55,641.13
Due
Interest/Yield 731,282.32 523,590.74 55,641.13
Paid
Summary
Beginning
Security 156,670,715.06 105,494,705.35 10,549,470.53 28,698,552.92
Balance
Beginning
Adjusted 156,670,715.06 105,494,705.35 10,549,470.53
Balance
Principal 3,493,264.43 2,352,232.69 235,223.26 702,738.91
Paid
Ending
Security 153,177,450.63 103,142,472.66 10,314,247.27 28,058,608.48
Balance
Ending
Adjusted 153,177,450.63 103,142,472.66 10,314,247.27
Balance
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Ending 3.5000%
Certificate
Balance as %
Participation
Interest
Invested
Amount
Targeted 153,240,245.10 103,142,472.66 10,314,247.27
Balance
Minimum 49,000,000.00 4,900,000.00 13,300,000.00
Adjusted
Balance
Certificate 8,930,369.98
Minimum
Balance
Ending OC 28,058,608.48
Amount as
Holdback
Amount
Ending OC 0.00
Amount 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 $1.1454924 $3.8430190 $2.1858316
Paid per
$1000
Principal $5.4719054 $17.2647723 $9.2406181
Paid per
$1000
</TABLE>
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<TABLE>
Series 1996-1 Owner Trust Calculations
Due Period January 2000
Payment Date Feb 15, 2000
<S> <C>
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections 6,720,664.82
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 62,794.47
Series Participation Interest Monthly Interest 1,816,853.26
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A Interest Distribution- Sec. 731,282.32
3.05(a)(i)(a)
Pay Class B Interest Distribution- Sec. 523,590.74
3.05(a)(i)(b)
Pay Certificates the Certificate Yield- Sec. 55,641.13
3.05(a)(i)(c)
Principal up to Optimum Monthly Principal
Balance
Pay Class A to Targeted Principal Balance- 3,430,469.96
Sec. 3.05(a)(ii)(a)
Pay Class B to Targeted Principal Balance 2,352,232.69
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 235,223.26
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 702,738.91
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) 62,794.47
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 443,544.60
Certificate - Sec. 3.05(a)(vii)
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Allocations of Distributions to
Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt 702,738.91
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 62,794.47
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 639,944.44
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 2,359.68
</TABLE>
