SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report (date of earliest event reported): September 20, 1999
BANC ONE HELOC TRUST 1998-1
(Exact name of registrant as specified in its charter)
OHIO 333-0391101
36-1248602
(State or Other Jurisdiction (Commission File
(I.R.S. Employer of Incorporation) Number)
Identification No.)
c/o The First National Bank of Chicago.
Corporate Trust Services Division - 9th floor 1 N. State Street,
Chicago IL
60670-0126 (Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: 312/407-1902
Item 5. Other Events
On behalf of Banc One HELOC Trust 1998-1, a Trust created pursuant to the
Pooling Agreement, dated August 31, 1998, the Paying Agent has caused to
be filed with the Commission, the Monthly Report dated September 20, 1999.
The Monthly Report is filed pursuant to and in accordance with (1) numerous
no-action letters (2) current Commission policy in the area. The filing of the
Monthly Report will occur subsequent to each monthly distribution to the
holders of the Trust's Investor Certificates.
A. Monthly Report Information: Aggregate distribution information
for the current distribution date September 20, 1999.
Principal Interest Ending Balance
Cede & Co. $8,375,834.80 $3,137,627.52 $635,886,214.02
B. No delinquency in payment under the Transferor Certificate, or
the MBIA Insurance Policy has occurred.
C. Have any deficiencies occurred? NO. Date: Amount:
D. Were any amounts paid or are any amounts payable under the
MBIA Insurance Policy? NO Amount:
E. Are there any developments with respect to the MBIA Insurance
Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H. Item 4: Submission of Matters to a Vote of Security Holders: NONE
I. Item 5: Other Information - Items 1, 2, 4, 5 if applicable: NOT
APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No. 1. Monthly Statement to Certificateholders dated September 20, 1999
ABS Corporation
Banc One Home Equity Loan Trust 1998-1
P & S Agreement Date: "Aug. 31, 1998"
Original Settlement Date: "Sep. 24, 1998"
Series Number of Certificates:
Original Collateral Sale Balance "$867,346,931.20 "
Statement to Certificateholders (Page 1 of 2)
Distribution Date:
8/20/99 9/20/99
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY
(PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed
3.600042 3.617500
Investor Certificate Interest Shortfall Distributed
0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall 0.000000 0.000000
Managed Amortization Period ? (Yes=1; No=0)
1 1
Investors Certificate Principal Distributed
11.969797 9.853923
Principal Distribution Amount
11.757911 9.401624
Maximum Principal Payment
30.591309 30.537922
Alternative Principal Payment
11.757911 9.401624
Principal Collections less Additional Balances
11.757911 9.401624
Investor Loss Amount Distributed to Investors
0.182036 0.427726
Accelerated Principal Distribution Amount
0.029850 0.024573
Credit Enhancement Draw Amount
0.00 0.00
Total Amount Distributed to Certificateholders (P & I) 15.569839 13.471423
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance
"654,436,376.18 " "644,262,048.82 "
Ending Investor Certificate Balance
"644,262,048.82 " "635,886,214.02 "
Beginning Invested Amount
"663,402,869.01 " "653,253,914.04 "
Ending Invested Amount
"653,253,914.04 " "644,898,966.60 "
Investor Certificateholder Floating Allocation Percentage
97.4552% 97.4172%
Pool Factor
0.7579554 0.7481014
Liquidation Loss Amount for Liquidated Loans
"158,771.25 " "373,206.52 "
Unreimbursed Liquidation Loss Amount
0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance
"680,726,322.19 " "670,573,326.73 "
Ending Pool Balance
"670,573,326.73 " "662,208,740.20 "
Servicing Fee
"283,635.97 " "279,405.55 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate
5.430000% 5.542500%
LIBOR Rate
5.180000% 5.292500%
Maximum Rate
8.201488% 8.418967%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts
124 118
Trust Balances
"3,556,041.00 " "3,489,508.00 "
Delinquent 60-89 days
No. of Accounts
34 43
Trust Balances
"1,077,377.00 " "1,277,775.00 "
Delinquent 90+ days
No. of Accounts
52 51
Trust Balances
"1,973,177.00 " "1,927,332.00 "
Delinquent 9+ Months
No. of Accounts
0 0
Trust Balances
0 0
REO
No. of Accounts
0 0
Trust Balances
0.00 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date:
8/20/99 9/20/99
"IN WITNESS WHEREOF, the undersigned has caused"
this Certificate to be duly executed and certifies to the
best of her knowledge and belief that information
"is true and correct this 15th day of September, 1999"
" Bank One, NA"
as Servicer
_______________________________________
Tracie Klein
Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BANC ONE HELOC TRUST 1998-1
By _______________________________________
Name: Barbara Grosse
Title: Vice President
Dated September 30, 1999
