<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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 1996-2
(Exact name of registrant as specified in its charter)
HOUSEHOLD FINANCE CORPORATION
(Administrator of the Trust)
(Exact name as specified in Administrator's charter)
To be
Delaware 0-21981 Applied For
(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
<PAGE>
<PAGE> 2
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99 Statement to Series 1996-2 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 1996-2 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 August 1, 1996
between Household Consumer Loan Trust 1996-2 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 August 1, 1996 between Household Consumer Loan
Corporation and The Chase Manhattan Bank Delaware, as Owner
Trustee.
-2-
<PAGE>
<PAGE> 3
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 1996-2
(Registrant)
By: /s/ J. W. Blenke
J. W. Blenke
Authorized Representative
Dated: November 22, 1999
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<PAGE>
<PAGE> 4
EXHIBIT INDEX
Exhibit
Number Exhibit Page
5
99 Statement to Series 1996-2 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 1996-2 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 August 1, 1996
between Household Consumer Loan Trust 1996-2 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 August 1, 1996 between Household Consumer Loan
Corporation and The Chase Manhattan Bank Delaware, as Owner
Trustee.
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<PAGE> 1
[CAPTION]
<TABLE>
Household Consumer Loan Trust, Series 1996-2
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 443,181,331.14
Beginning Participation Unpaid Principal 443,181,331.14
Balance
Ending Participation Invested Amount 431,838,321.94
Ending Participation Unpaid Principal Balance 431,838,321.94
Accelerated Amortization Date Jul 31, 2001
Is it the Accelerated Amortization Period? 0
0=No
OC Balance as % of Ending Participation 8.521%
Invested Amount (3 month average)
Is it Early Amortization? (No, if 3 month OC 0
Average >or=4.25%)
Investor Finance Charges and Administrative
Collections
Numerator for Floating Allocation 443,181,331.14
Numerator for Fixed Allocation 455,338,341.57
Denominator - Max(Sum of Numerators, Principal 3,995,351,713.30
Receivables)
Applicable Allocation Percentage 11.0924%
Investor FC&A Collections 7,118,216.73
Series Participation Interest Default Amount
Numerator for Floating Allocation 443,181,331.14
Denominator - Max(Sum of Numerators, Principal 3,995,351,713.30
Receivables)
Floating Allocation Percentage 11.0924%
Series Participation Interest Default Amount 3,328,002.03
Principal Allocation Components
Numerator for Floating Allocation 443,181,331.14
Numerator for Fixed Allocation 455,338,341.57
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 5.8585%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 443,181,331.14
Principal Balance
(e) Actual days in the Interest Period 29
Series Participation Monthly Interest, [a*d*e] 2,409,798.49
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, 11,343,009.20
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 8,015,007.17
or e]
(b) prior to Accelerated Amort. Date or not 8,015,007.17
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 11.0924%
(d) Net Principal Collections 72,256,592.00
(e) after Accelerated Amort Date or Early Amort 14,279,649.67
Period, [f*g]
(f) Fixed Allocation Percentage 11.3967%
(g) Collections of Principal
125,296,329.28
(h) Minimum Principal Amount, [Min(i,l)] 4,649,261.93
(i) Floating Allocation Percentage of 13,898,399.44
Principal Collections
(j) 1.8% of the Series Participation Interest 7,977,263.96
Invested Amount
(k) Series Participation Interest Net Default 3,328,002.03
Payment Amount
(l) the excess of (j) over (k) 4,649,261.93
(m) Series Participation Interest Net Default 3,328,002.03
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 7,118,216.73
[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 2,409,798.49
[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 3,328,002.03
[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)] 738,635.55
Excess [Sec. 4.11(a)(vi)] 641,780.66
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 1996-2
Owner Trust Calculations
Due Period Ending Oct 31, 1999
Payment Date Nov 15, 1999
Calculation of Interest Expense
Index (LIBOR) 5.406250%
Accrual end Nov 15, 1999 Oct 15, 1999 31
date, accrual
beginning date
and days in
Interest Period
<S> <C> <C> <C> <C> <C> <C>
Class A-1 Class A-2 Class A-3 Class B Certificate Overcoll Amount
Beginning 230,359,430 47,803,311 62,133,136 45,177,019 19,943,160 37,765,275
Unpaid
Principal
Balance
Previously 0.00 0.00 0.00 0.00 0.00
unpaid
interest/yield
Spread to 0.17% 0.32% 0.42% 0.65% 1.00%
index
Rate (capped 5.576250% 5.726250% 5.826250% 6.056250% 6.406250%
at 13%, 15%,
15%, 15%, 16%)
Interest/Yield 1,106,133 235,715 311,725 235,603 110,016
Payable on the
Principal
Balance
Interest on 0.00 0.00 0.00 0.00 0.00
previously
unpaid
interest/yield
Interest/Yield 1,106,133 235,715 311,725 235,603 110,016
Due
Interest/Yield 1,106,133 235,715 311,725 235,603 110,016
Paid
Summary
Beginning
Security 230,359,430 47,803,311 62,133,136 45,177,019 19,943,160 37,765,275
Balance
Beginning
Adjusted 230,359,430 47,803,311 62,133,136 45,177,019 19,943,160
Balance
Principal Paid
5,895,832 1,223,502 1,590,267 1,156,284 510,435 1,059,018
Ending
Security 224,463,598 46,579,809 60,542,869 44,020,735 19,432,724 36,798,587
Balance
Ending
Adjusted 224,463,598 46,579,809 60,542,869 44,020,735 19,432,724
Balance
<PAGE>
<PAGE> 4
Ending 4.5000%
Certificate
Balance as %
Participation
Interest
Invested
Amount
Targeted
Balance 224,555,927 46,579,809 60,542,869 44,020,735 19,432,724
Minimum
Adjusted 18,800,000 24,500,000 17,800,000 7,900,000 14,800,000
Balance
Certificate
Minimum 13,086,429
Balance
Ending OC
Amount as 31,701,864
Holdback
Amount
Ending OC
Amount as 5,096,723
Accelerated
Prin Pmts
Beginning Net 0.00 0.00 0.00 0.00 0.00 0.00
Charge offs
Reversals 0.00 0.00 0.00 0.00 0.00 0.00
Charge offs 0.00 0.00 0.00 0.00 0.00 0.00
Ending Net 0.00 0.00 0.00 0.00 0.00 0.00
Charge Offs
Interest/Yield $1.3931148 $4.5121581 $4.5909421 $4.7721868 $2.9826032
Paid per $1000
Principal Paid $7.4254812 $23.4207952 $23.4207249 $23.4207750 $13.8381885
per $1000
</TABLE>
<PAGE>
<PAGE> 5
<TABLE>
Series 1996-2 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 11,343,009.20
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 92,329.44
Series Participation Interest Monthly Interest 2,409,798.49
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A-1 Interest Distribution- Sec. 1,106,133.19
3.05(a)(i)(a)
Pay Class A-2 Interest Distribution- Sec. 235,715.14
3.05(a)(i)(b)
Pay Class A-3 Interest Distribution- Sec. 311,724.97
3.05(a)(i)(c)
Pay Class B Interest Distribution- Sec. 235,602.86
3.05(a)(i)(d)
Pay Certificates the Certificate Yield- Sec. 110,016.30
3.05(a)(i)(e)
Principal up to Optimum Monthly Principal
Balance
Pay Class A-1 to Targeted Principal Balance- 5,803,502.63
Sec. 3.05(a)(ii)(a)
Pay Class A-2 to Targeted Principal Balance 1,223,502.34
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Class A-3 to Targeted Principal Balance 1,590,267.22
subject to Min Adj Bal- Sec. 3.05(a)(ii)(c)
Pay Class B to Targeted Principal Balance 1,156,283.66
subject to Min Adj Bal- Sec. 3.05(a)(ii)(d)
Pay Certificate Yield if not paid pursuant to 0.00
Sec. 3.05 (a)(i)(e)
Principal up to Optimal Monthly Principal
Pay Certificate to Targeted Principal Balance 510,435.42
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 1,059,017.93
subject to OC Min Bal- Sec. 3.05(a)(iv)
Principal up to Accelerated Principal Payment
Amout
Pay Class A-1 to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(a)
Pay Class A-2 to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(b)
Pay Class A-3 to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(c)
Pay Class B to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(d)
Pay Class A-1 to zero- Sec. 3.05(a)(v)(e) 92,329.44
Pay Class A-2 to zero- Sec. 3.05(a)(v)(f) 0.00
Pay Class A-3 to zero- Sec. 3.05(a)(v)(g) 0.00
Pay Class B to zero- Sec. 3.05(a)(v)(h) 0.00
Principal up to Optimal Monthly Principal
Pay Class A-1 to zero- Sec. 3.05(a)(vi)(a) 0.00
Pay Class A-2 to zero- Sec. 3.05(a)(vi)(b) 0.00
Pay Class A-3 to zero- Sec. 3.05(a)(vi)(c) 0.00
Pay Class B to zero- Sec. 3.05(a)(vi)(d) 0.00
Pay Certificates up to Certificate Minimum 0.00
Balance or zero- Sec. 3.05(a)(vi)(e)
Pay HCLC Optimum Monthly Principal provided 0.00
OC >0- Sec. 3.05(a)(vi)(f)
Remaining Amounts to Holder of Designated 318,276.59
Certificate - Sec. 3.05(a)(vii)
<PAGE>
<PAGE> 6
Allocations of Distributions to
Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt 1,059,017.93
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 92,329.44
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 966,688.49
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 5,104.35
</TABLE>
