<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: January 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 January 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 January 18, 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 January 18, 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: January 20, 2000
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EXHIBIT INDEX
Exhibit
Number Exhibit Page
- ------- ------- ----
4
99 Statement to Series 1997-1 Participants with respect to the
distribution on January 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
January 18, 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 January 18, 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 Nov 30, 1999
Current Due Period Ending Dec 31, 1999
Prior Distribution Date Dec 14, 1999
Distribution Date Jan 14, 2000
<S> <C>
Beginning Trust Principal Receivables 4,065,059,019.44
Average Principal Receivables 4,064,874,379.69
FC&A Collections (Includes Recoveries) 65,094,498.75
Principal Collections 119,569,970.57
Additional Balances 55,610,268.46
Net Principal Collections 63,959,702.11
Defaulted Amount 29,718,113.69
Miscellaneous Payments 0.00
Principal Recoveries 3,449,491.00
Beginning Participation Invested Amount 423,974,885.29
Beginning Participation Unpaid Principal 423,974,885.29
Balance
Ending Participation Invested Amount 414,204,093.50
Ending Participation Unpaid Principal Balance 414,204,093.50
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 423,974,885.29
Numerator for Fixed Allocation 435,688,912.62
Denominator - Max(Sum of Numerators, Principal 4,064,874,379.69
Receivables)
Applicable Allocation Percentage 10.4302%
Investor FC&A Collections 6,789,492.14
Series Participation Interest Default Amount
Numerator for Floating Allocation 423,974,885.29
Denominator - Max(Sum of Numerators, Principal 4,064,874,379.69
Receivables)
Floating Allocation Percentage 10.4302%
Series Participation Interest Default Amount 3,099,661.31
Principal Allocation Components
Numerator for Floating Allocation 423,974,885.29
Numerator for Fixed Allocation 435,688,912.62
Denominator - Max(Sum of Numerators, Principal 4,064,874,379.69
Receivables)
Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through 7.0189%
Rate, [Max(b,c)]
(b) Prime Rate minus 1.50% 7.0000%
(c) Rate Sufficient to Cover Interest, Yield 7.0189%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 423,974,885.29
Principal Balance
(e) Actual days in the Interest Period 31
Series Participation Monthly Interest, [a*d*e] 2,562,538.64
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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, 9,770,791.79
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 6,671,130.48
or e]
(b) prior to Accelerated Amort. Date or not 6,671,130.48
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 10.4302%
(d) Net Principal Collections 63,959,702.11
(e) after Accelerated Amort Date or Early Amort 12,815,970.58
Period, [f*g]
(f) Fixed Allocation Percentage 10.7184%
(g) Collections of Principal
119,569,970.57
(h) Minimum Principal Amount, [Min(i,l)] 6,227,786.17
(i) Floating Allocation Percentage of 12,471,397.59
Principal Collections
(j) 2.2% of the Series Participation Interest 9,327,447.48
Invested Amount
(k) Series Participation Interest Net Default 3,099,661.31
Payment Amount
(l) the excess of (j) over (k) 6,227,786.17
(m) Series Participation Interest Net Default 3,099,661.31
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 6,789,492.14
[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 2,562,538.64
[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 3,099,661.31
[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)] 706,624.81
Excess [Sec. 4.11(a)(vi)] 420,667.38
Series Participation Investor Charge Off [Sec. 0.00
4.12(a)]
Seller's Interest
914,467,191.98
Seller's Interest Percentage 23.03%
</TABLE>
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<TABLE>
Series 1997-1 Owner Trust Calculations
Due Period Ending Dec 31, 1999
Payment Date Jan 18, 2000
Calculation of Interest Expense
Index (LIBOR) 6.462500%
Accrual end date, Jan 18, 2000
accrual beginning date and Dec 15, 1999
days in Interest Period 34
<S> <C> <C> <C> <C> <C> <C>
Class A-1 Class A-2 Class A-3 Class B Certificates Overcoll
Amount
Beginning 220,376,172 42,397,489 55,116,735 40,277,614 29,678,242 36,128,634
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 6.587500% 6.712500% 6.812500% 7.112500% 7.462500%
at 12.5%,
14%, 14%,
14%, 15%)
Interest/Yield 1,371,076 268,782 354,623 270,559 209,170
Payable on the
Principal Balance
Interest on 0.00 0.00 0.00 0.00 0.00
previously
unpaid
interest/yield
Interest/Yield 1,371,076 268,782 354,623 270,559 209,170
Due
Interest/Yield 1,371,076 268,782 354,623 270,559 209,170
Paid
Summary
Beginning 220,376,172 42,397,489 55,116,735 40,277,614 29,678,242 36,128,634
Security
Balance
Beginning 220,376,172 42,397,489 55,116,735 40,277,614 29,678,242
Adjusted
Balance
Principal 5,078,371 977,079 1,270,203 928,225 683,955 921,286
Paid
Ending 215,297,801 41,420,409 53,846,532 39,349,389 28,994,287 35,295,676
Security
Balance
Ending 215,297,801 41,420,409 53,846,532 39,349,389 28,994,287
Adjusted
Balance
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Ending 7.0000%
Certificate
Balance as %
Participation
Interest
Invested Amount
Targeted
Balance 215,386,129 41,420,409 53,846,532 39,349,389 28,994,287
Minimum
Adjusted 16,000,000 20,800,000 15,200,000 11,200,000 13,600,000
Balance
Certificate
Minimum 4,183,876
Balance
Ending OC
Amount as 26,986,044
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/Yield $1.8792167 $5.5996335 $5.6830545 $5.9333175 $6.2252911
Paid per $1000
Principal $6.9604870 $20.3558163 $20.3558162 $20.3558162 $20.3558164
Paid per $1000
</TABLE>
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<TABLE>
Series 1997-1 Owner Trust Calculations
Due Period December 1999
Payment Date Jan 18, 2000
<S> <C>
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections 9,770,791.79
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 88,328.10
Series Participation Interest Monthly Interest 2,562,538.64
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A-1 Interest Distribution- Sec. 1,371,076.47
3.05(a)(i)(a)
Pay Class A-2 Interest Distribution- Sec. 268,782.41
3.05(a)(i)(b)
Pay Class A-3 Interest Distribution- Sec. 354,622.60
3.05(a)(i)(c)
Pay Class B Interest Distribution- Sec. 270,559.28
3.05(a)(i)(d)
Pay Certificates the Certificate Yield- Sec. 209,169.78
3.05(a)(i)(e)
Principal up to Optimum Monthly Principal
Balance
Pay Class A-1 to Targeted Principal Balance- 4,990,043.21
Sec. 3.05(a)(ii)(a)
Pay Class A-2 to Targeted Principal Balance 977,079.18
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Class A-3 to Targeted Principal Balance 1,270,202.93
subject to Min Adj Bal- Sec. 3.05(a)(ii)(c)
Pay Class B to Targeted Principal Balance 928,225.22
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 683,955.43
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 921,285.82
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) 88,328.10
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 0.00
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 921,285.82
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 88,328.10
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 832,957.72
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 6,839.55
</TABLE>
