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 July 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 July 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 July 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 July 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: July 23, 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: July 23, 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 July 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 July 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 July 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.
-5-
Household Consumer Loan Trust, Series 1995-1
Deposit Trust Calculations
Previous Due Period Ending May 31, 1999
Current Due Period Ending Jun 30, 1999
Prior Distribution Date Jun 14, 1999
Distribution Date Jul 14, 1999
Beginning Trust Principal Receivables 4,245,127,761.54
Average Principal Receivables 4,234,126,645.31
FC&A Collections (Includes Recoveries) 67,883,852.92
Principal Collections 133,623,976.88
Additional Balances 59,174,127.64
Net Principal Collections 74,449,849.24
Defaulted Amount 28,633,033.92
Miscellaneous Payments 0.00
Principal Recoveries 1,403,950.00
Beginning Participation Invested Amount 386,634,264.06
Beginning Participation Unpaid Principal 386,634,264.06
Balance
Ending Participation Invested Amount 377,221,372.57
Ending Participation Unpaid Principal Balance 377,221,372.57
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 386,634,264.06
Numerator for Fixed Allocation 396,088,996.68
Denominator - Max(Sum of Numerators, Principal 4,234,126,645.31
Receivables)
Applicable Allocation Percentage 9.1314%
Investor FC&A Collections 6,198,733.70
Series Participation Interest Default Amount
Numerator for Floating Allocation 386,634,264.06
Denominator - Max(Sum of Numerators, Principal 4,234,126,645.31
Receivables)
Floating Allocation Percentage 9.1314%
Series Participation Interest Default Amount 2,614,591.61
Principal Allocation Components
Numerator for Floating Allocation 386,634,264.06
Numerator for Fixed Allocation 396,088,996.68
Denominator - Max(Sum of Numerators, Principal 4,234,126,645.31
Receivables)
Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through 6.2500%
Rate, [Max(b,c)]
(b) Prime Rate minus 1.50% 6.2500%
(c) Rate Sufficient to Cover Interest, Yield 5.1499%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 386,634,264.06
Principal Balance
(e) Actual days in the Interest Period 30
Series Participation Monthly Interest, [a*d*e] 2,013,720.13
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, 9,412,891.49
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 6,798,299.88
or e]
(b) prior to Accelerated Amort. Date or not 6,798,299.88
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 9.1314%
(d) Net Principal Collections 74,449,849.24
(e) after Accelerated Amort Date or Early Amort 12,500,095.38
Period, [f*g]
(f) Fixed Allocation Percentage 9.3547%
(g) Collections of Principal
133,623,976.88
(h) Minimum Principal Amount, [Min(i,l)] 4,344,825.14
(i) Floating Allocation Percentage of 12,201,715.32
Principal Collections
(j) 1.8% of the Series Participation Interest 6,959,416.75
Invested Amount
(k) Series Participation Interest Net Default 2,614,591.61
Payment Amount
(l) the excess of (j) over (k) 4,344,825.14
(m) Series Participation Interest Net Default 2,614,591.61
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 6,198,733.70
[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 2,013,720.13
[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 2,614,591.61
[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)] 644,390.44
Excess [Sec. 4.11(a)(vi)] 926,031.52
Series Participation Investor Charge Off [Sec. 0.00
4.12(a)]
<PAGE>
Household
Consumer Loan
Trust, 1995-1
Series 1995-1
Owner Trust
Calculations
Due Period Jun 30,
Ending 1999
Payment Date Jul 15,
1999
Calculation of
Interest Expense
Index (LIBOR) 4.987500%
Accrual end Jul 15,
date, accrual 1999
beginning date
and days in
Interest Period
Class A Class B Certificates Overcoll
Amount
Beginning Unpaid 193,234,613 143,054,678 13,532,199 36,812,774
Principal
Balance
Previously 0.00 0.00 0.00
unpaid
interest/yield
Spread to index 0.24% 0.625% 1.03%
Rate (capped at 5.227500% 5.612500% 6.017500%
13.0%, 15%, 16%)
Interest/Yield 841,778 669,079 67,858
Payable on the
Principal
Balance
Interest on 0.00 0 0
previously
unpaid
interest/yield
Interest/Yield 841,778 669,079 67,858
Due
Interest/Yield 669,079 67,858
Paid 841,778
Summary
Beginning
Security Balance 193,234,613 143,054,678 13,532,199 36,812,774
Beginning
Adjusted Balance 193,234,613 143,054,678 13,532,199
Principal Paid
4,704,476 3,482,770 329,451 976,743
Ending Security
Balance 188,530,137 139,571,908 13,202,748 35,916,579
Ending Adjusted
Balance 188,530,137 139,571,908 13,202,748
Ending 3.5000%
Certificate
Balance as %
Participation
Interest
Invested Amount
Targeted Balance 139,571,908 13,202,748
188,610,686
Minimum Adjusted 61,666,667 5,833,333 15,833,333
Balance
Certificate 11,431,316
Minimum Balance
Ending OC Amount 35,916,579
as Holdback
Amount
Ending OC Amount 0.01
as Accelerated
Prin Pmts
Beginning Net 0.00 0.00 0.00
Charge offs -
Reversals 0.00 0.00 0.00
-
Charge offs 0.00 0.00 0.00
-
Ending Net 0.00 0.00 0.00
Charge Offs -
Interest/Yield $1.1223711 $3.8855644 $2.2392536
Paid per $1000
Principal Paid $6.2726347 $20.2256141 $10.8715417
per $1000
Series 1995-1 Owner Trust Calculations
Due Period June 1999
Payment Date Jul 15, 1999
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections 9,412,891.49
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 80,548.81
Series Participation Interest Monthly Interest 2,013,720.13
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A Interest Distribution- Sec. 841,778.29
3.05(a)(i)(a)
Pay Class B Interest Distribution- Sec. 669,078.65
3.05(a)(i)(b)
Pay Certificates the Certificate Yield- Sec. 67,858.34
3.05(a)(i)(c)
Principal up to Optimum Monthly Principal
Balance
Pay Class A to Targeted Principal Balance- 4,623,927.20
Sec. 3.05(a)(ii)(a)
Pay Class B to Targeted Principal Balance 3,482,769.85
subject to Min Adj Bal- Sec. 3.05(a)(ii)(b)
Pay Certificate Yield if not paid pursuant to 0.00
Sec. 3.05 (a)(i)(c)
Principal up to Optimal Monthly Principal
Pay Certificate to Targeted Principal Balance 329,451.20
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 976,743.24
subject to OC Min Bal- Sec. 3.05(a)(iv)
Principal up to Accelerated Principal Payment
Amout
Pay Class A to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(a)
Pay Class B to Targeted Principal Balance 0.00
subject to Min Adj Bal- Sec. 3.05(a)(v)(b)
Pay Class A to zero- Sec. 3.05(a)(v)(c) 80,548.81
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 0.00
Balance or zero- Sec. 3.05(a)(vi)(c)
Pay HCLC Optimum Monthly Principal provided 0.00
OC >0- Sec. 3.05(a)(vi)(d)
Remaining Amounts to Holder of Designated 354,456.04
Certificate - Sec. 3.05(a)(vii)
Allocations of Distributions to
Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt 976,743.24
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)(d)
To Designated Certificate Holder up to total 80,548.81
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 896,194.43
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 3,304.95
