<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 1997-1
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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)
To be
Delaware 333-20147 Applied For
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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 1997-1 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 1997-1 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, 1997 between Household Consumer Loan
Trust 1997-1 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, 1997 between Household Consumer Loan Corporation and The Chase
Manhattan Bank Delaware, 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 1997-1
----------------------------------------
(Registrant)
By: /s/ J. W. Blenke
-----------------------------------
J. W. Blenke
Authorized Representative
Dated: November 23, 1999
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EXHIBIT INDEX
Exhibit
Number Exhibit Page
- ------- ------- ----
4
99 Statement to Series 1997-1 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 1997-1 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,
1997 between Household Consumer Loan Trust 1997-1 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, 1997 between Household Consumer Loan Corporation
and The Chase Manhattan Bank Delaware, as Owner Trustee.
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<TABLE>
<CAPTION>
Household Consumer Loan Trust, Series 1997-1
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 447,133,064.50
Beginning Participation Unpaid Principal 447,133,064.50
Balance
Ending Participation Invested Amount 435,688,912.62
Ending Participation Unpaid Principal Balance 435,688,912.62
Accelerated Amortization Date Feb 28, 2002
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 447,133,064.50
Numerator for Fixed Allocation 459,398,475.84
Denominator - Max(Sum of Numerators, Principal 3,995,351,713.30
Receivables)
Applicable Allocation Percentage 11.1913%
Investor FC&A Collections 7,181,688.03
Series Participation Interest Default Amount
Numerator for Floating Allocation 447,133,064.50
Denominator - Max(Sum of Numerators, Principal 3,995,351,713.30
Receivables)
Floating Allocation Percentage 11.1913%
Series Participation Interest Default Amount 3,357,676.96
Principal Allocation Components
Numerator for Floating Allocation 447,133,064.50
Numerator for Fixed Allocation 459,398,475.84
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 5.8309%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 447,133,064.50
Principal Balance
(e) Actual days in the Interest Period 29
Series Participation Monthly Interest, [a*d*e] 2,431,286.04
Series Participation Interest Interest 0.00
Shortfall
Previous Series Participation Interest Interest 0.00
Shortfall
Additional Interest 0.00
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<PAGE> 2
Series Participation Interest Monthly Principal
Available Investor Principal Collections, 11,444,151.88
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 8,086,474.92
or e]
(b) prior to Accelerated Amort. Date or not 8,086,474.92
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 11.1913%
(d) Net Principal Collections 72,256,592.00
(e) after Accelerated Amort Date or Early Amort 14,406,977.62
Period, [f*g]
(f) Fixed Allocation Percentage 11.4983%
(g) Collections of Principal
125,296,329.28
(h) Minimum Principal Amount, [Min(i,l)] 6,479,250.46
(i) Floating Allocation Percentage of 14,022,327.87
Principal Collections
(j) 2.2% of the Series Participation Interest 9,836,927.42
Invested Amount
(k) Series Participation Interest Net Default 3,357,676.96
Payment Amount
(l) the excess of (j) over (k) 6,479,250.46
(m) Series Participation Interest Net Default 3,357,676.96
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 7,181,688.03
[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 2,431,286.04
[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 3,357,676.96
[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)] 745,221.77
Excess [Sec. 4.11(a)(vi)] 647,503.26
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>
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<TABLE>
Series 1997-1
Owner Trust Calculations
Due Period Ending Oct 31, 1999
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> <C> <C>
Class A-1 Class A-2 Class A-3 Class B Certificate Overcoll
Amount
Beginning 232,413,486 44,713,306 58,127,298 42,477,641 31,299,315 38,102,019
Unpaid
Principal
Balance
Previously 0.00 0.00 0.00 0.00 0.00
unpaid
interest/yield
Spread to 0.125% 0.250% 0.350% 0.650% 1.000%
index
Rate (capped 5.531250% 5.656250% 5.756250% 6.056250% 6.406250%
at 12.5%, 14%,
14%, 14%, 15%)
Interest/Yield 1,106,990 217,783 288,124 221,525 172,662
Payable on the
Principal
Balance
Interest on 0.00 0.00 0.00 0.00 0.00
previously
unpaid
interest/yield
Interest/Yield 1,106,990 217,783 288,124 221,525 172,662
Due
Interest/Yield 1,106,990 217,783 288,124 221,525 172,662
Paid
Summary
Beginning 232,413,486 44,713,306 58,127,298 42,477,641 31,299,315 38,102,019
Security
Balance
Beginning 232,413,486 44,713,306 58,127,298 42,477,641 31,299,315
Adjusted
Balance
Principal Paid 5,948,404 1,144,415 1,487,740 1,087,194 801,091 1,068,461
Ending 226,465,082 43,568,891 56,639,559 41,390,447 30,498,224 37,126,710
Security
Balance
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<PAGE> 4
Ending 226,465,082 43,568,891 56,639,559 41,390,447 30,498,224
Adjusted
Balance
Ending 7.0000%
Certificate
Balance as %
Participation
Interest
Invested
Amount
Targeted
Balance 226,558,235 43,568,891 56,639,559 41,390,447 30,498,224
Minimum
Adjusted 16,000,000 20,800,000 15,200,000 11,200,000 13,600,000
Balance
Certificate
Minimum 4,400,894
Balance
Ending OC
Amount as 28,817,079
Holdback
Amount
Ending OC
Amount as 8,309,632
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 $1.5172564 $4.5371521 $4.6173670 $4.8580114 $5.1387634
Paid per $1000
Principal Paid $8.1529656 $23.8419831 $23.8419829 $23.8419833 $23.8419830
per $1000
</TABLE>
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<TABLE>
Series 1997-1 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 11,444,151.88
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 93,152.72
Series Participation Interest Monthly Interest 2,431,286.04
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A-1 Interest Distribution- Sec. 1,106,990.27
3.05(a)(i)(a)
Pay Class A-2 Interest Distribution- Sec. 217,783.30
3.05(a)(i)(b)
Pay Class A-3 Interest Distribution- Sec. 288,123.70
3.05(a)(i)(c)
Pay Class B Interest Distribution- Sec. 221,525.32
3.05(a)(i)(d)
Pay Certificates the Certificate Yield- Sec. 172,662.45
3.05(a)(i)(e)
Principal up to Optimum Monthly Principal
Balance
Pay Class A-1 to Targeted Principal Balance- 5,855,250.96
Sec. 3.05(a)(ii)(a)
Pay Class A-2 to Targeted Principal Balance 1,144,415.19
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Class A-3 to Targeted Principal Balance 1,487,739.73
subject to Min Adj Bal- Sec. 3.05(a)(ii)(c)
Pay Class B to Targeted Principal Balance 1,087,194.44
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 801,090.63
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 1,068,460.93
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) 93,152.72
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 331,048.28
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 1,068,460.93
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 93,152.72
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 975,308.21
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 8,010.91
</TABLE>