<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 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 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 1997-1 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, 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 February 15, 2000
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: February 17, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit
- ------- -------
99 Statement to Series 1997-1 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 1997-1 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, 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 February 15,
2000 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 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 414,204,093.50
Beginning Participation Unpaid Principal 414,204,093.50
Balance
Ending Participation Invested Amount 404,968,517.13
Ending Participation Unpaid Principal Balance 404,968,517.13
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 414,204,093.50
Numerator for Fixed Allocation 423,974,885.29
Denominator - Max(Sum of Numerators, Principal 3,971,332,092.19
Receivables)
Applicable Allocation Percentage 10.4299%
Investor FC&A Collections 6,622,627.02
Series Participation Interest Default Amount
Numerator for Floating Allocation 414,204,093.50
Denominator - Max(Sum of Numerators, Principal 3,971,332,092.19
Receivables)
Floating Allocation Percentage 10.4299%
Series Participation Interest Default Amount 2,893,696.26
Principal Allocation Components
Numerator for Floating Allocation 414,204,093.50
Numerator for Fixed Allocation 423,974,885.29
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 5.2601%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 414,204,093.50
Principal Balance
(e) Actual days in the Interest Period 31
Series Participation Monthly Interest, [a*d*e] 2,496,730.23
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, 9,235,576.37
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 6,341,880.11
or e]
(b) prior to Accelerated Amort. Date or not 6,341,880.11
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 10.4299%
(d) Net Principal Collections 60,805,077.52
(e) after Accelerated Amort Date or Early Amort 12,029,354.25
Period, [f*g]
(f) Fixed Allocation Percentage 10.6759%
(g) Collections of Principal
112,677,807.67
(h) Minimum Principal Amount, [Min(i,l)] 6,218,793.80
(i) Floating Allocation Percentage of 11,752,129.54
Principal Collections
(j) 2.2% of the Series Participation Interest 9,112,490.06
Invested Amount
(k) Series Participation Interest Net Default 2,893,696.26
Payment Amount
(l) the excess of (j) over (k) 6,218,793.80
(m) Series Participation Interest Net Default 2,893,696.26
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 6,622,627.02
[Sec. 4.11(a)]
Series Servicing Fee paid if HFC is not the 690,340.16
Servicer [Sec. 4.11(a)(i)]
plus any unpaid Series Servicing Fee of other 0.00
than HFC
Series Participation Interest Monthly Interest 2,496,730.23
[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 2,893,696.26
[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)] 541,860.37
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 1997-1 Owner Trust Calculations
Due Period Ending Jan 31, 2000
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> <C> <C>
Class A-1 Class A-2 Class A-3 Class B Certificates Overcoll
Amount
Beginning 215,297,801 41,420,409 53,846,532 39,349,389 28,994,287 35,295,676
Unpaid
Principal
Balance
Previously 0 0 0 0 0
unpaid
interest/yield
Spread to 0.125% 0.250% 0.350% 0.650% 1.000%
index
Rate 5.906250% 6.031250% 6.131250% 6.431250% 6.781250%
(capped at
12.5%, 14%,
14%, 14%,15%)
Interest/Yield 989,024 194,302 256,781 196,829 152,925
Payable on the
Principal
Balance
Interest on 0 0 0 0 0
previously
unpaid
interest/yield
Interest/Yield 989,024 194,302 256,781 196,829 152,925
Due
Interest/Yield 989,024 194,302 256,781 196,829 152,925
Paid
Summary
Beginning
Security 215,297,801 41,420,409 53,846,532 39,349,389 28,994,287 35,295,676
Balance
Beginning
Adjusted 215,297,801 41,420,409 53,846,532 39,349,389 28,994,287
Balance
Principal
Paid 4,800,464 923,558 1,200,625 877,380 646,490 873,352
Ending
Security 210,497,336 40,496,852 52,645,907 38,472,009 28,347,796 34,508,616
Balance
Ending
Adjusted 210,497,336 40,496,852 52,645,907 38,472,009 28,347,796
Balance
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Ending 7.0000%
Certificate
Balance as %
Participation
InterestInvested
Amount
Targeted
Balance 210,583,629 40,496,852 52,645,907 38,472,009 28,347,796
Minimum
Adjusted 16,000,000 20,800,000 15,200,000 11,200,000 13,600,000
Balance
Certificate
Minimum 4,090,587
Balance
Ending OC
Amount as 26,198,985
Holdback
Amount
Ending OC
Amount as 8,309,632
Accelerated
Prin Pmts
Beginning 0.00 0.00 0.00 0.00 0.00 0.00
Net 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/Yi $1.3555705 $4.0479581 $4.1150745 $4.3164237 $4.5513313
eld Paid
per $1000
Principal $6.5795835 $19.2407842 $19.2407841 $19.2407842 $19.2407839
Paid per
$1000
</TABLE>
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<TABLE>
Series 1997-1 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 9,235,576.37
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 86,292.52
Series Participation Interest Monthly Interest 2,496,730.23
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A-1 Interest Distribution- Sec. 989,024.27
3.05(a)(i)(a)
Pay Class A-2 Interest Distribution- Sec. 194,301.99
3.05(a)(i)(b)
Pay Class A-3 Interest Distribution- Sec. 256,780.65
3.05(a)(i)(c)
Pay Class B Interest Distribution- Sec. 196,828.92
3.05(a)(i)(d)
Pay Certificates the Certificate Yield- Sec. 152,924.73
3.05(a)(i)(e)
Principal up to Optimum Monthly Principal
Balance
Pay Class A-1 to Targeted Principal Balance- 4,714,171.61
Sec. 3.05(a)(ii)(a)
Pay Class A-2 to Targeted Principal Balance 923,557.64
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Class A-3 to Targeted Principal Balance 1,200,624.93
subject to Min Adj Bal- Sec. 3.05(a)(ii)(c)
Pay Class B to Targeted Principal Balance 877,379.76
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 646,490.34
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 873,352.09
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) 86,292.52
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 620,577.15
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 873,352.09
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 86,292.52
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 787,059.57
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 6,464.90
</TABLE>
