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 June 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 June 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 June 15, 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 June 15, 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: June 21, 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: June 21, 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 June 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 June 15, 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 June 15,
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 Apr 30, 1999
Current Due Period Ending May 31, 1999
Prior Distribution Date May 14, 1999
Distribution Date Jun 14, 1999
Beginning Trust Principal Receivables 4,160,840,874.49
Average Principal Receivables 4,348,700,019.71
FC&A Collections (Includes Recoveries) 69,760,384.22
Principal Collections 138,592,530.49
Additional Balances 66,257,260.47
Net Principal Collections 72,335,270.02
Defaulted Amount 31,469,168.59
Miscellaneous Payments 0.00
Principal Recoveries 2,088,340.00
Beginning Participation Invested Amount 396,088,996.68
Beginning Participation Unpaid Principal 396,088,996.68
Balance
Ending Participation Invested Amount 386,634,264.06
Ending Participation Unpaid Principal Balance 386,634,264.06
Accelerated Amortization Date Oct 15, 2000
Is it the Accelerated Amortization Period? 0
0=No
OC Balance as % of Ending Participation 9.521%
Invested Amount (3 month average)
Is it Early Amortization? (No, if 3 month OC 0
Average >or=4.25%) 0=No
Investor Finance Charges and Administrative
Collections
Numerator for Floating Allocation 396,088,996.68
Numerator for Fixed Allocation 406,621,821.88
Denominator - Max(Sum of Numerators, 4,348,700,019.71
Principal Receivables)
Applicable Allocation Percentage 9.1082%
Investor FC&A Collections 6,353,926.57
Series Participation Interest Default Amount
Numerator for Floating Allocation 396,088,996.68
Denominator - Max(Sum of Numerators, 4,348,700,019.71
Principal Receivables)
Floating Allocation Percentage 9.1082%
Series Participation Interest Default Amount 2,866,279.89
Principal Allocation Components
Numerator for Floating Allocation 396,088,996.68
Numerator for Fixed Allocation 406,621,821.88
Denominator - Max(Sum of Numerators, 4,348,700,019.71
Principal Receivables)
Series Participation Interest Monthly
Interest
(a) Series Participation Interest Pass 6.2500%
Through Rate, [Max(b,c)]
(b) Prime Rate minus 1.50% 6.2500%
(c) Rate Sufficient to Cover Interest, Yield 4.7537%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 396,088,996.68
Principal Balance
(e) Actual days in the Interest Period 31
Series Participation Monthly Interest, 2,131,728.98
[a*d*e]
Series Participation Interest Interest 0.00
Shortfall
Previous Series Participation Interest 0.00
Interest Shortfall
Additional Interest 0.00
Series Participation Interest Monthly
Principal
Available Investor Principal Collections, 9,454,732.62
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 6,588,452.73
or e]
(b) prior to Accelerated Amort. Date or not 6,588,452.73
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 9.1082%
(d) Net Principal Collections 72,335,270.02
(e) after Accelerated Amort Date or Early 12,958,987.05
Amort Period, [f*g]
(f) Fixed Allocation Percentage 9.3504%
(g) Collections of Principal
138,592,530.49
(h) Minimum Principal Amount, [Min(i,l)] 4,263,322.05
(i) Floating Allocation Percentage of 12,623,307.22
Principal Collections
(j) 1.8% of the Series Participation 7,129,601.94
Interest Invested Amount
(k) Series Participation Interest Net Default 2,866,279.89
Payment Amount
(l) the excess of (j) over (k) 4,263,322.05
(m) Series Participation Interest Net Default 2,866,279.89
Payment Amount
(n) Optional Repurchase Amount (principal 0.00
only) at Sec. 9
Application of Investor Finance Charges and
Admin Collections
Investor Finance Charges and Admin. 6,353,926.57
Collections [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 2,131,728.98
Interest [Sec. 4.11(a)(ii)]
Series Participation Interest Interest 0.00
Shorfall [Sec. 4.11(a)(ii)]
Additional Interest [Sec. 4.11(a)(ii)] 0.00
Series Participation Interest Default Amount 2,866,279.89
[Sec. 4.11(a)(iii)]
Reimbursed Series Participation Interest 0.00
Charge-Offs [Sec. 4.11(a)(iv)]
Servicing Fee Paid [Sec. 4.11(a)(v)] 660,148.33
Excess [Sec. 4.11(a)(vi)] 695,769.37
Series Participation Investor Charge Off 0.00
[Sec. 4.12(a)]
Series 1995-1 Owner Trust Calculations
Due Period Ending May 31,
1999
Payment Date Jun 15,
1999
Calculation of Interest Expense
Index (LIBOR)
4.902500%
Accrual end date, accrual beginning date and days in Jun 15,
1999 May 17, 1999 29
Interest Period
Class A Class B
Certificates Overcoll Amount
Beginning Unpaid Principal Balance
197,959,785.46
146,552,928.77 13,863,114.89 37,713,167.56
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%)
5.142500% 5.527500%
5.932500%
Interest/Yield Payable on the Principal Balance
820,062.16 652,557.45
66,251.25
Interest on previously unpaid interest/yield
0.00 0.00
0.00
Interest/Yield Due
820,062.16 652,557.45
66,251.25
Interest/Yield Paid
820,062.16 652,557.45
66,251.25
Summary
Beginning Security Balance
197,959,785.46
146,552,928.77 13,863,114.89 37,713,167.56
Beginning Adjusted Balance
197,959,785.46
146,552,928.77 13,863,114.89
Principal Paid
3,498,251.07
330,915.65 982,912.47
4,725,171.97
Ending Security Balance
193,234,613.49
143,054,677.70 13,532,199.24 36,812,773.63
Ending Adjusted Balance
193,234,613.49
143,054,677.70 13,532,199.24
Ending Certificate Balance as % Participation
3.5000%
Interest Invested Amount
Targeted Balance
143,054,677.70
13,532,199.24
193,317,132.03
Minimum Adjusted Balance
61,666,666.67
5,833,333.33 15,833,333.33
Certificate Minimum Balance
11,716,564.74
Ending OC Amount as Holdback Amount
36,812,773.62
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
$1.0934162 $3.7896203
$2.1862213
Principal Paid per $1000
$6.3002293 $20.3155188
$10.9198670
Series 1995-1 Owner Trust Calculations
Due Period
May 1999
Payment Date
Jun 15, 1999
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections
9,454,732.62
(b) Series Participation Interest Charge Offs
0.00
(c) Lesser of Excess Interest and Carryover Charge offs
0.00
Accelerated Principal Payment
82,518.54
Series Participation Interest Monthly Interest
2,131,728.98
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)
820,062.16
Pay Class B Interest Distribution- Sec. 3.05(a)(i)(b)
652,557.45
Pay Certificates the Certificate Yield- Sec. 3.05(a)(i)(c)
66,251.25
Principal up to Optimum Monthly Principal Balance
Pay Class A to Targeted Principal Balance- Sec. 3.05(a)(ii)(a)
4,642,653.43
Pay Class B to Targeted Principal Balance subject to Min Adj Bal-
Sec. 3,498,251.07
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. 330,915.65
3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt subject to OC Min Bal-
Sec. 3.05(a)(iv) 982,912.47
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)
82,518.54
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) 510,339.58
Allocations of Distributions to Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt subject to OC Min
Bal- Sec. 982,912.47
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 82,518.54
To Designated Certificate Holder up to Holdback Amount
900,393.93
To HCLC any remaining amounts
0.00
Principal paid to the Designated Certificate
3,319.64
