<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 1997-2
------------------------------------
(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 333-36405-02 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 1997-2 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
1997-2 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 November 1, 1997 between
Household Consumer Loan Trust 1997-2 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 November 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 1997-2
----------------------------------------
(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 1997-2 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
1997-2 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 November 1, 1997 between
Household Consumer Loan Trust 1997-2 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 November 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 1997-2
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 611,279,838.35
Beginning Participation Unpaid Principal 611,279,838.34
Balance
Ending Participation Invested Amount 597,650,031.89
Ending Participation Unpaid Principal Balance 597,650,031.88
Accelerated Amortization Date Oct 31, 2002
Is it the Accelerated Amortization Period? 0
0=No
OC Balance as % of Ending Participation 10.020%
Invested Amount (3 month average)
Is it Early Amortization? (No, if 3 month OC 0
Average >or=4.25%) 0=NO, 1=YES
Investor Finance Charges and Administrative
Collections
Numerator for Floating Allocation 611,279,838.35
Numerator for Fixed Allocation 625,699,512.41
Denominator - Max(Sum of Numerators, Principal 3,971,332,092.19
Receivables)
Applicable Allocation Percentage 15.3923%
Investor FC&A Collections 9,773,631.98
Series Participation Interest Default Amount
Numerator for Floating Allocation 611,279,838.35
Denominator - Max(Sum of Numerators, Principal 3,971,332,092.19
Receivables)
Floating Allocation Percentage 15.3923%
Series Participation Interest Default Amount 4,270,499.03
Principal Allocation Components
Numerator for Floating Allocation 611,279,838.35
Numerator for Fixed Allocation 625,699,512.41
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 5.2558%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 611,279,838.34
Principal Balance
(e) Actual days in the Interest Period 31
Series Participation Monthly Interest, [a*d*e] 3,684,659.03
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, 13,629,806.46
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 9,359,307.43
or e]
(b) prior to Accelerated Amort. Date or not 9,359,307.43
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 15.3923%
(d) Net Principal Collections 60,805,077.52
(e) after Accelerated Amort Date or Early Amort 17,752,846.57
Period, [f*g]
(f) Fixed Allocation Percentage 15.7554%
(g) Collections of Principal
112,677,807.67
(h) Minimum Principal Amount, [Min(i,l)] 9,177,657.41
(i) Floating Allocation Percentage of 17,343,720.06
Principal Collections
(j) 2.5% or 2.2% of the Series Participation 13,448,156.44
Interest Invested Amount
(k) Series Participation Interest Net Default 4,270,499.03
Payment Amount
(l) the excess of (j) over (k) 9,177,657.41
(m) Series Participation Interest Net Default 4,270,499.03
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 9,773,631.98
[Sec. 4.11(a)]
Series Servicing Fee paid if HFC is not the 1,018,799.73
Servicer [Sec. 4.11(a)(i)]
plus any unpaid Series Servicing Fee of other 0.00
than HFC
Series Participation Interest Monthly Interest 3,684,659.03
[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 4,270,499.03
[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)] 0.00
Excess [Sec. 4.11(a)(vi)] 799,674.19
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 1997-2 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 317,735,162 48,000,000 90,000,000 57,000,000 42,000,000 56,544,676
Unpaid
Principal
Balance
Previously 0 0 0 0 0
unpaid
interest/yield
Spread to 0.18% 0.29% 0.40% 0.65% 1.00%
index
Rate 5.961250% 6.071250% 6.181250% 6.431250% 6.781250%
(capped at
12.5%, 14%,
14%, 14%,
15%)
Interest/Yi 1,473,188 226,660 432,688 285,119 221,521
eld Payable
on the
Principal
Balance
Interest on 0 0 0 0 0
previously
unpaid
interest/yield
Interest/Yi 1,473,188 226,660 432,688 285,119 221,521
eld Due
Interest/Yi 1,473,188 226,660 432,688 285,119 221,521
eld Paid
Summary
Beginning
Security 317,735,162 48,000,000 90,000,000 57,000,000 42,000,000 56,544,676
Balance
Beginning
Adjusted 317,735,162 48,000,000 90,000,000 57,000,000 42,000,000
Balance
Principal
Paid 7,084,495 - - 763,740 164,498 5,744,424
Ending
Security 310,650,667 48,000,000 90,000,000 56,236,260 41,835,502 50,927,603
Balance
Ending
Adjusted 310,650,667 48,000,000 90,000,000 56,236,260 41,835,502
Balance
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Ending 7.0000%
Certificate
Balance as %
Participation
Interest Invested
Amount
Targeted
Balance 310,778,017 65,741,504 95,436,008 56,236,260 41,835,502
Minimum
Adjusted 16,000,000 30,000,000 19,000,000 14,000,000 17,000,000
Balance
Certificate
Minimum 6,036,863
Balance
Ending OC
Amount as 33,346,393
Holdback
Amount
Ending OC
Amount as 17,581,210
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 $1.6153376 $4.7220833 $4.8076389 $5.0020833 $5.2743055
eld Paid
per $1000
Principal $7.7680869 $0.0000000 $0.0000000 $13.3989409 $3.9166136
Paid per
$1000
</TABLE>
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<TABLE>
Series 1997-2 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 13,629,806.46
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 127,349.97
Series Participation Interest Monthly Interest 3,684,659.03
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A-1 Interest Distribution- Sec. 1,473,187.90
3.05(a)(i)(a)
Pay Class A-2 Interest Distribution- Sec. 226,660.00
3.05(a)(i)(b)
Pay Class A-3 Interest Distribution- Sec. 432,687.50
3.05(a)(i)(c)
Pay Class B Interest Distribution- Sec. 285,118.75
3.05(a)(i)(d)
Pay Certificates the Certificate Yield- Sec. 221,520.83
3.05(a)(i)(e)
Principal up to Optimum Monthly Principal
Balance
Pay Class A-1 to Targeted Principal Balance- 6,957,145.29
Sec. 3.05(a)(ii)(a)
Pay Class A-2 to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Class A-3 to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(ii)(c)
Pay Class B to Targeted Principal Balance 763,739.63
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 164,497.77
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 5,744,423.77
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) 127,349.97
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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Remaining Amounts to Holder of Designated 918,134.08
Certificate - Sec. 3.05(a)(vii)
Allocations of Distributions to
Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt 5,744,423.77
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 127,349.97
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 5,617,073.80
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 1,644.98
</TABLE>
