<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: March 14, 2000
HOUSEHOLD CONSUMER LOAN TRUST 1997-1
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(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 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
-------------
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 March 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 March 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 March 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: March 16, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit
- ------- -------
99 Statement to Series 1997-1 Participants with respect to the
distribution on March 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 March 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 March 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 Jan 31, 2000
Current Due Period Ending Feb 29, 2000
Prior Distribution Date Feb 14, 2000
Distribution Date Mar 14, 2000
<S> <C>
Beginning Trust Principal Receivables 3,883,262,955.14
Average Principal Receivables 3,883,045,875.41
FC&A Collections (Includes Recoveries) 65,131,529.09
Principal Collections 117,198,410.85
Additional Balances 48,756,508.59
Net Principal Collections 68,441,902.26
Defaulted Amount 28,941,883.40
Miscellaneous Payments 0.00
Principal Recoveries 1,585,306.00
Beginning Participation Invested Amount 404,968,517.13
Beginning Participation Unpaid Principal 404,968,517.13
Balance
Ending Participation Invested Amount 394,812,220.10
Ending Participation Unpaid Principal Balance 394,812,220.10
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 404,968,517.13
Numerator for Fixed Allocation 414,204,093.50
Denominator - Max(Sum of Numerators, Principal 3,883,045,875.41
Receivables)
Applicable Allocation Percentage 10.4291%
Investor FC&A Collections 6,792,662.15
Series Participation Interest Default Amount
Numerator for Floating Allocation 404,968,517.13
Denominator - Max(Sum of Numerators, Principal 3,883,045,875.41
Receivables)
Floating Allocation Percentage 10.4291%
Series Participation Interest Default Amount 3,018,391.23
Principal Allocation Components
Numerator for Floating Allocation 404,968,517.13
Numerator for Fixed Allocation 414,204,093.50
Denominator - Max(Sum of Numerators, Principal 3,883,045,875.41
Receivables)
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Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through 7.2500%
Rate, [Max(b,c)]
(b) Prime Rate minus 1.50% 7.2500%
(c) Rate Sufficient to Cover Interest, Yield 5.9094%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 404,968,517.13
Principal Balance
(e) Actual days in the Interest Period 29
Series Participation Monthly Interest, [a*d*e] 2,365,128.63
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, 10,156,297.03
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 7,137,905.80
or e]
(b) prior to Accelerated Amort. Date or not 7,137,905.80
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 10.4291%
(d) Net Principal Collections 68,441,902.26
(e) after Accelerated Amort Date or Early Amort 12,501,542.11
Period, [f*g]
(f) Fixed Allocation Percentage 10.6670%
(g) Collections of Principal 117,198,410.85
(h) Minimum Principal Amount, [Min(i,l)] 5,890,916.15
(i) Floating Allocation Percentage of 12,222,793.18
Principal Collections
(j) 2.2% of the Series Participation Interest 8,909,307.38
Invested Amount
(k) Series Participation Interest Net Default 3,018,391.23
Payment Amount
(l) the excess of (j) over (k) 5,890,916.15
(m) Series Participation Interest Net Default 3,018,391.23
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 6,792,662.15
[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 2,365,128.63
[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 3,018,391.23
[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)] 674,947.53
Excess [Sec. 4.11(a)(vi)] 734,194.76
Series Participation Investor Charge Off [Sec. 0.00
4.12(a)]
Seller's Interest 901,502,076.32
</TABLE>
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<TABLE>
Series 1997-1 Owner Trust Calculations
Due Period Ending Feb 29, 2000
Payment Date Mar 15, 2000
Calculation of Interest Expense
Index (LIBOR) 5.885000%
Accrual end date Mar 15, 2000
accrual beginning date Feb 15, 2000
days in Interest Period 29
<S> <C> <C> <C> <C> <C> <C>
Class A-1 Class A-2 Class A-3 Class B Certificate Overcoll
Amount
Beginning 210,497,336 40,496,852 52,645,907 38,472,009 28,347,796 34,508,616
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 6.010000% 6.135000% .235000% 6.535000% 6.885000%
(capped at
12.5%, 14%,
14%, 14%, 15%)
Interest/Yield 1,019,099 200,139 264,421 202,528 157,224
Payable on the
Principal
Balance
Interest on 0.00 0.00 0.00 0.00 0.00
previously
unpaid
interest/yield
Interest/Yield 1,019,099 200,139 264,421 202,528 157,224
Due
Interest/Yield 1,019,099 200,139 264,421 202,528 157,224
Paid
SUMMARY
Beginning 210,497,336 40,496,852 52,645,907 38,472,009 28,347,796 34,508,616
Security
Balance
Beginning 210,497,336 40,496,852 52,645,907 38,472,009 28,347,796
Adjusted
Balance
Principal 5,279,350 1,015,630 1,320,319 964,848 710,941 949,578
Paid
Ending 205,217,986 39,481,222 51,325,589 37,507,161 27,636,855 33,643,407
Security
Balance
Ending 205,217,986 39,481,222 51,325,589 37,507,161 27,636,855
Adjusted
Balance
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Ending 7.0000%
Certificate
Balance as %
Participation
Interest Invested
Amount
Targeted
Balance 205,302,354 39,481,222 51,325,589 37,507,161 27,636,855
Minimum
Adjusted 16,000,000 20,800,000 15,200,000 11,200,000 13,600,000
Balance
Certificate
Minimum 3,987,998
Balance
Ending OC
Amount as 25,333,775
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
Charge offs 0.00 0.00 0.00 0.00 0.00 0.00
Interest/Yield
Paid per $1.3967920 $4.1695588 $4.2375221 $4.4414125 $4.6792845
$1000
Principal Paid
per $1000 $7.2359517 $21.1589521 $21.1589521 $21.1589522 $21.1589521
</TABLE>
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<TABLE>
Series 1997-1 Owner Trust Calculations
Due Period February 2000
Payment Date Mar 15, 2000
<S> <C>
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections 10,156,297.03
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 84,368.44
Series Participation Interest Monthly Interest 2,365,128.63
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A-1 Interest Distribution- Sec. 1,019,099.47
3.05(a)(i)(a)
Pay Class A-2 Interest Distribution- Sec. 200,138.82
3.05(a)(i)(b)
Pay Class A-3 Interest Distribution- Sec. 264,421.38
3.05(a)(i)(c)
Pay Class B Interest Distribution- Sec. 202,528.41
3.05(a)(i)(d)
Pay Certificates the Certificate Yield- Sec. 157,223.96
3.05(a)(i)(e)
Principal up to Optimum Monthly Principal
Balance
Pay Class A-1 to Targeted Principal Balance- 5,194,981.94
Sec. 3.05(a)(ii)(a)
Pay Class A-2 to Targeted Principal Balance 1,015,629.70
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Class A-3 to Targeted Principal Balance 1,320,318.61
subject to Min Adj Bal- Sec. 3.05(a)(ii)(c)
Pay Class B to Targeted Principal Balance 964,848.22
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 710,940.79
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 949,577.77
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) 84,368.44
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)
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<PAGE> 6
Remaining Amounts to Holder of Designated 437,348.15
Certificate - Sec. 3.05(a)(vii)
Allocations of Distributions to
Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt 949,577.77
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 84,368.44
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 865,209.33
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 7,109.41
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 $1.3967920 $4.1695588 $4.2375221 $4.4414125
$4.6792845
eld Paid
per $1000
Principal $7.2359517 $21.1589521 $21.1589521 $21.1589522
$21.1589521
Paid per
$1000
</TABLE>
