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 May 14, 1999
HOUSEHOLD CONSUMER LOAN TRUST 1995-1
(Exact name of registrant as specified in its charter)
HOUSEHOLD FINANCE CORPORATION
(Administrator of the Trust)
(Exact name as specified in Administrator's charter)
Delaware 0-28110 88-0345949
(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
(Address of principal executive offices of (Zip Code)
Administrator)
Administrator's telephone number, including area code 847/564-5000
Item 5. OTHER EVENTS.
As provided for in Section 4.06 of the Pooling and Servicing Agreement
(the "Pooling Agreement") for Household Consumer Loan Deposit Trust I (the
"Trust"), as of March 15, 1999, the Pooling Agreement was amended to create
two pools of assets within the Trust. All Receivables that were assigned to
the Trust prior to the date of the amendment are contained in Pool 1. Those
Receivables consist of revolving consumer loans. Receivables assigned to the
Trust after the amendment will be designated as assets in Pool 1 or Pool 2.
It is expected that Pool 2 will consist of both revolving and closed-end
loans.
The Pooling Agreement was also amended to assign each existing Series,
and all Series issued in the future to a Group. All Series outstanding as of
the date of the amendment (Series 1995-1, 1996-1, 1996-2, 1997-1, 1997-2,
1997-A, 1996-B and 1999-A) were assigned to Group 1. Series issued by the
Trust after the amendment will be assigned to Group 1 or Group 2. Prior to
the date of this report, Series 1999-A2, 1999-B2 and 1999-C2 were issued and
assigned to Group 2.
Collections on Receivables in Pool 1 will be allocated to make payments
of principal and interest on each Series in Group 1, while collections on
Receivables in Pool 2 will be allocated to make payments due on Series in
Group 2. However, the amendment to the Pooling Agreement also provides that
excess finance charges in both Pools will be shared among all Series, whether
in Group 1 or Group 2. Excess finance charges from Group 2 will be available
to reimburse investors in Series 1995-1, 1996-1, 1996-2, 1997-1 and 1997-2
for Series Participation Interest Charge-Offs at the time such Series
terminates.
These amendments to the Pooling Agreement did not affect the nature or
type of assets supporting any existing Series and, for Series 1995-1, 1996-1,
1996-2, 1997-1 and 1997-2, will not delay an amortization event for any of
such Series. In addition, the ratings assigned to the Series 1995-1, 1996-1,
1996-2, 1997-1 and 1997-2 certificates have not been impacted as a result of
this amendment.
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(C) Exhibits
99 Statement to (a) Series 1995-1 Participants with respect to
the distribution on May 14, 1999 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 1995-1 Supplement to the
Pooling and Servicing Agreement, (b) Noteholders with respect
to the Payment Date on May 17, 1999 as provided for under
Section 3.23 of the Indenture dated as of September 1, 1995
between Household Consumer Loan Trust 1995-1 and The Bank of
New York, as Indenture Trustee, and (c) Certificateholders
with respect to the Payment Date on May 17, 1999 as provided
for under Section 5.04 of the Trust Agreement dated as of
September 1, 1995 between Household Consumer Loan Corporation
and The Chase Manhattan Bank (USA), as Owner Trustee.
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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 1995-1
(Registrant)
By: /s/ J. W. Blenke
Dated: May 24, 1999 J. W. Blenke, Authorized Representative
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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 1995-1
(Registrant)
By:
J. W. Blenke
Authorized Representative
Dated: May 24, 1999
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U:\WP\HFS088\8K\HCLT95-1.8K
EXHIBIT INDEX
Exhibit
Number Exhibit Page
5
99 Statement to (a) Series 1995-1 Participants with respect to the
distribution on May 14, 1999 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 1995-1
Supplement to the Pooling and Servicing Agreement, (b) Noteholders
with respect to the Payment Date on May 17, 1999 as provided for
under Section 3.23 of the Indenture dated as of September 1, 1995
between Household Consumer Loan Trust 1995-1 and The Bank of New
York, as Indenture Trustee, and (c) Certificateholders with respect
to the Payment Date on May 17, 1999 as provided for under Section
5.04 of the Trust Agreement dated as of September 1, 1995 between
Household Consumer Loan Corporation and The Chase Manhattan Bank
(USA), as Owner Trustee.
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Household Consumer Loan Trust, Series 1995-1 Deposit Trust
Calculations
Previous Due Period Ending
Mar 31, 1999
Current Due Period Ending
Apr 30, 1999
Prior Distribution Date
Apr 14, 1999
Distribution Date
May 14, 1999
Beginning Trust Principal Receivables
4,271,285,936.24
FC&A Collections (Includes Recoveries)
68,863,656.32
Principal Collections
138,530,617.72
Additional Balances
59,687,529.47
Net Principal Collections
78,843,088.25
Defaulted Amount
31,797,083.36
Miscellaneous Payments
0.00
Principal Recoveries
1,278,559.00
Beginning Participation Invested Amount
406,621,821.88
Beginning Participation Unpaid Principal Balance
406,621,821.88
Ending Participation Invested Amount
396,088,996.68
Ending Participation Unpaid Principal Balance
396,088,996.68
Accelerated Amortization Date
Oct 15, 2000
Is it the Accelerated Amortization Period? 0=No
0
OC Balance as % of Ending Participation Invested Amount (3 month
average) 9.521%
Is it Early Amortization? (No, if 3 month OC Average >or=4.25%)
0=No 0
Investor Finance Charges and Administrative Collections
Numerator for Floating Allocation
406,621,821.88
Numerator for Fixed Allocation
417,667,605.81
Denominator - Max(Sum of Numerators, Principal Receivables)
4,271,285,936.24
Applicable Allocation Percentage
9.5199%
Investor FC&A Collections
6,555,745.93
Series Participation Interest Default Amount
Numerator for Floating Allocation
406,621,821.88
Denominator - Max(Sum of Numerators, Principal Receivables)
4,271,285,936.24
Floating Allocation Percentage
9.5199%
Series Participation Interest Default Amount
3,027,048.10
Principal Allocation Components
Numerator for Floating Allocation
406,621,821.88
Numerator for Fixed Allocation
417,667,605.81
Denominator - Max(Sum of Numerators, Principal Receivables)
4,271,285,936.24
Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through Rate, [Max(b,c)]
6.2500%
(b) Prime Rate minus 1.50%
6.2500%
(c) Rate Sufficient to Cover Interest, Yield and Accelerated
Principal Pmt Amount 5.4174%
(d) Series Participation Interest Unpaid Principal Balance
406,621,821.88
(e) Actual days in the Interest Period
30
Series Participation Monthly Interest, [a*d*e]
2,117,821.99
Series Participation Interest Interest Shortfall
0.00
Previous Series Participation Interest Interest Shortfall
0.00
Additional Interest
0.00
Series Participation Interest Monthly Principal
Available Investor Principal Collections, [a+m+n]
10,532,825.20
(a) Investor Principal Collections, [Max(b,h) or e]
7,505,777.10
(b) prior to Accelerated Amort. Date or not Early Amort. Period,
[c*d] 7,505,777.10
(c) Floating Allocation Percentage
9.5199%
(d) Net Principal Collections
78,843,088.25
(e) after Accelerated Amort Date or Early Amort Period, [f*g]
13,546,213.55
(f) Fixed Allocation Percentage
9.7785%
(g) Collections of Principal
138,530,617.72
(h) Minimum Principal Amount, [Min(i,l)]
4,292,144.69
(i) Floating Allocation Percentage of Principal Collections
13,187,965.64
(j) 1.8% of the Series Participation Interest Invested Amount
7,319,192.79
(k) Series Participation Interest Net Default Payment Amount
3,027,048.10
(l) the excess of (j) over (k)
4,292,144.69
(m) Series Participation Interest Net Default Payment Amount
3,027,048.10
(n) Optional Repurchase Amount (principal only) at Sec. 9
0.00
Application of Investor Finance Charges and Admin Collections
Investor Finance Charges and Admin. Collections [Sec. 4.11(a)]
6,555,745.93
Series Servicing Fee paid if HFC is not the Servicer [Sec.
4.11(a)(i)] 0.00
plus any unpaid Series Servicing Fee of other than HFC
0.00
Series Participation Interest Monthly Interest [Sec. 4.11(a)(ii)]
2,117,821.99
Series Participation Interest Interest Shorfall [Sec. 4.11(a)(ii)]
0.00
Additional Interest [Sec. 4.11(a)(ii)]
0.00
Series Participation Interest Default Amount [Sec. 4.11(a)(iii)]
3,027,048.10
Reimbursed Series Participation Interest Charge-Offs [Sec.
4.11(a)(iv)] 0.00
Servicing Fee Paid [Sec. 4.11(a)(v)]
677,703.04
Excess [Sec. 4.11(a)(vi)]
733,172.80
Series Participation Investor Charge Off [Sec. 4.12(a)]
0.00
Series 1995-1 Owner Trust Calculations
Due Period Ending Apr 30,
1999
Payment Date May 17,
1999
Calculation of Interest Expense
Index (LIBOR)
4.926250%
Accrual end date, accrual beginning date and days in May 17,
1999 Apr 15, 1999 32
Interest Period
Class A Class B
Certificates Overcoll Amount
Beginning Unpaid Principal Balance
203,223,896.86 150,450,074.10
14,231,763.76 38,716,087.16
Previously unpaid interest/yield
0.00 0.00
0.00
Spread to index
0.24% 0.625%
1.03%
Rate (capped at 13.0%, 15%, 16%)
5.166250% 5.551250%
5.956250%
Interest/Yield Payable on the Principal Balance
933,249.30 742,387.53
75,349.28
Interest on previously unpaid interest/yield
0.00 0.00
0.00
Interest/Yield Due
933,249.30 742,387.53
75,349.28
Interest/Yield Paid
933,249.30 742,387.53
75,349.28
Summary
Beginning Security Balance
203,223,896.86 150,450,074.10
14,231,763.76 38,716,087.16
Beginning Adjusted Balance
203,223,896.86 150,450,074.10
14,231,763.76
Principal Paid
3,897,145.33
368,648.87 1,087,632.48
5,264,111.40
Ending Security Balance
197,959,785.46 146,552,928.77
13,863,114.89 37,713,167.56
Ending Adjusted Balance
197,959,785.46 146,552,928.77
13,863,114.89
Ending Certificate Balance as % Participation
3.5000%
Interest Invested Amount
Targeted Balance
146,552,928.77
13,863,114.89
198,044,498.34
Minimum Adjusted Balance
61,666,666.67
5,833,333.33 15,833,333.33
Certificate Minimum Balance
12,003,080.96
Ending OC Amount as Holdback Amount
37,713,167.55
Ending OC Amount as Accelerated Prin Pmts
0.01
Beginning Net Charge offs
0.00 0.00
0.00 0.00
Reversals
0.00 0.00
0.00 0.00
Charge offs
0.00 0.00
0.00 0.00
Ending Net Charge Offs
0.00 0.00
0.00 0.00
Interest/Yield Paid per $1000
$1.2443324 $4.3112937
$2.4864467
Principal Paid per $1000
$7.0188152 $22.6320317
$12.1650234
Series 1995-1 Owner Trust Calculations
Due Period
April 1999
Payment Date
May 17, 1999
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections
10,532,825.20
(b) Series Participation Interest Charge Offs
0.00
(c) Lesser of Excess Interest and Carryover Charge offs
0.00
Accelerated Principal Payment
84,712.88
Series Participation Interest Monthly Interest
2,117,821.99
Allocation of Optimum Monthly Principal and Series Part. Interest
Monthly Interest
Interest and Yield
Pay Class A Interest Distribution- Sec. 3.05(a)(i)(a)
933,249.30
Pay Class B Interest Distribution- Sec. 3.05(a)(i)(b)
742,387.53
Pay Certificates the Certificate Yield- Sec. 3.05(a)(i)(c)
75,349.28
Principal up to Optimum Monthly Principal Balance
Pay Class A to Targeted Principal Balance- Sec. 3.05(a)(ii)(a)
5,179,398.52
Pay Class B to Targeted Principal Balance subject to Min Adj Bal-
Sec. 3,897,145.33
3.05(a)(ii)(b)
Pay Certificate Yield if not paid pursuant to Sec. 3.05 (a)(i)(c)
0.00
Principal up to Optimal Monthly Principal
Pay Certificate to Targeted Principal Balance subject to Min Adj
Bal- Sec. 368,648.87
3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt subject to OC Min Bal-
Sec. 3.05(a)(iv) 1,087,632.48
Principal up to Accelerated Principal Payment Amout
Pay Class A to Targeted Principal Balance subject to Min Adj Bal-
Sec. 0.00
3.05(a)(v)(a)
Pay Class B to Targeted Principal Balance subject to Min Adj Bal-
Sec. 0.00
3.05(a)(v)(b)
Pay Class A to zero- Sec. 3.05(a)(v)(c)
84,712.88
Pay Class B to zero- Sec. 3.05(a)(v)(d)
0.00
Principal up to Optimal Monthly Principal
Pay Class A to zero- Sec. 3.05(a)(vi)(a)
0.00
Pay Class B to zero- Sec. 3.05(a)(vi)(b)
0.00
Pay Certificates up to Certificate Minimum Balance or zero- Sec.
3.05(a)(vi)(c) 0.00
Pay HCLC Optimum Monthly Principal provided OC >0- Sec.
3.05(a)(vi)(d) 0.00
Remaining Amounts to Holder of Designated Certificate - Sec.
3.05(a)(vii) 282,123.00
Allocations of Distributions to Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt subject to OC Min
Bal- Sec. 1,087,632.48
3.05(a)(iv)
Pay HCLC Optimum Monthly Principal provided OC >0- Sec.
3.05(a)(vi)(d) 0.00
To Designated Certificate Holder up to total Accelerated Principal
Payments 84,712.88
To Designated Certificate Holder up to Holdback Amount
1,002,919.60
To HCLC any remaining amounts
0.00
