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 August 13, 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 August 13, 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 August 16, 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 August 16, 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: August 27, 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: August 27, 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 August 13, 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 August 16, 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 August 16,
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 Jun 30, 1999
Current Due Period Ending Jul 31, 1999
Prior Distribution Date Jul 14, 1999
Distribution Date Aug 13, 1999
Beginning Trust Principal Receivables 4,131,498,693.96
Average Principal Receivables 4,130,593,246.88
FC&A Collections (Includes Recoveries) 63,953,339.31
Principal Collections 126,063,460.22
Additional Balances 54,118,984.50
Net Principal Collections 71,944,475.72
Defaulted Amount 29,430,452.81
Miscellaneous Payments 0.00
Principal Recoveries 1,891,023.00
Beginning Participation Invested Amount 377,221,372.57
Beginning Participation Unpaid Principal 377,221,372.57
Balance
Ending Participation Invested Amount 367,963,431.30
Ending Participation Unpaid Principal Balance 367,963,431.30
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 377,221,372.57
Numerator for Fixed Allocation 386,634,264.06
Denominator - Max(Sum of Numerators, Principal 4,130,593,246.88
Receivables)
Applicable Allocation Percentage 9.1324%
Investor FC&A Collections 5,840,460.44
Series Participation Interest Default Amount
Numerator for Floating Allocation 377,221,372.57
Denominator - Max(Sum of Numerators, Principal 4,130,593,246.88
Receivables)
Floating Allocation Percentage 9.1324%
Series Participation Interest Default Amount 2,687,700.08
Principal Allocation Components
Numerator for Floating Allocation 377,221,372.57
Numerator for Fixed Allocation 386,634,264.06
Denominator - Max(Sum of Numerators, Principal 4,130,593,246.88
Receivables)
Series Participation Interest Monthly Interest
(a) Series Participation Interest Pass Through 6.5000%
Rate, [Max(b,c)]
(b) Prime Rate minus 1.50% 6.5000%
(c) Rate Sufficient to Cover Interest, Yield 5.6623%
and Accelerated Principal Pmt Amount
(d) Series Participation Interest Unpaid 377,221,372.57
Principal Balance
(e) Actual days in the Interest Period 30
Series Participation Monthly Interest, [a*d*e] 2,043,282.43
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, 9,257,941.27
[a+m+n]
(a) Investor Principal Collections, [Max(b,h) 6,570,241.19
or e]
(b) prior to Accelerated Amort. Date or not 6,570,241.19
Early Amort. Period, [c*d]
(c) Floating Allocation Percentage 9.1324%
(d) Net Principal Collections 71,944,475.72
(e) after Accelerated Amort Date or Early Amort 11,799,867.54
Period, [f*g]
(f) Fixed Allocation Percentage 9.3603%
(g) Collections of Principal
126,063,460.22
(h) Minimum Principal Amount, [Min(i,l)] 4,102,284.63
(i) Floating Allocation Percentage of 11,512,591.21
Principal Collections
(j) 1.8% of the Series Participation Interest 6,789,984.71
Invested Amount
(k) Series Participation Interest Net Default 2,687,700.08
Payment Amount
(l) the excess of (j) over (k) 4,102,284.63
(m) Series Participation Interest Net Default 2,687,700.08
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 5,840,460.44
[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 2,043,282.43
[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 2,687,700.08
[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)] 628,702.29
Excess [Sec. 4.11(a)(vi)] 480,775.64
Series Participation Investor Charge Off [Sec. 0.00
4.12(a)]
<PAGE>
Series 1995-1 Owner
Trust Calculations
Due Period Ending Jul 31, 1999
Payment Date Aug 16, 1999
Calculation of
Interest Expense
Index (LIBOR) 5.180000%
Accrual end date, Aug 16, 1999
accrual beginning
date and days in
Interest Period
Class A Class B Certificate
Overcoll
s
Amount
Beginning Unpaid 188,530,137 139,571,908 13,202,748
35,916,579
Principal Balance
Previously unpaid 0.00 0.00 0.00
interest/yield
Spread to index 0.24% 0.625% 1.03%
Rate (capped at 5.420000% 5.805000% 6.210000%
13.0%, 15%, 16%)
Interest/Yield 908,296 720,191 72,879
Payable on the
Principal Balance
Interest on 0 0 0
previously unpaid
interest/yield
Interest/Yield Due 908,296 720,191 72,879
Interest/Yield Paid
908,296 720,191 72,879
Summary
Beginning Security
Balance 188,530,137 139,571,908 13,202,748
35,916,579
Beginning Adjusted
Balance 188,530,137 139,571,908 13,202,748
Principal Paid
4,627,010 3,425,438 324,028
960,053
Ending Security
Balance 183,903,128 136,146,470 12,878,720
35,035,114
Ending Adjusted
Balance 183,903,128 136,146,470 12,878,720
Ending Certificate 3.5000%
Balance as %
Participation
Interest Invested
Amount
Targeted Balance 183,981,716 136,146,470 12,878,720
Minimum Adjusted 61,666,667 5,833,333
15,833,333
Balance
Certificate Minimum 11,150,764
Balance
Ending OC Amount as
35,035,114
Holdback Amount
Ending OC Amount as
0.01
Accelerated Prin Pmts
Beginning Net Charge 0.00 0.00 0.00
0.00
offs
Reversals 0.00 0.00 0.00
0.00
Charge offs 0.00 0.00 0.00
0.00
Ending Net Charge 0.00 0.00 0.00
0.00
Offs
Interest/Yield Paid $1.2110617 $4.1823912 $2.4049357
per $1000
Principal Paid per $6.1693462 $19.8926704 $10.6925799
$1000
Series 1995-1 Owner Trust Calculations
Due Period July 1999
Payment Date Aug 16, 1999
Optimum Monthly Principal [a+b+c]
(a) Available Investor Principal Collections 9,257,941.27
(b) Series Participation Interest Charge Offs 0.00
(c) Lesser of Excess Interest and Carryover 0.00
Charge offs
Accelerated Principal Payment 78,587.79
Series Participation Interest Monthly Interest 2,043,282.43
Allocation of Optimum Monthly Principal and
Series Part. Interest Monthly Interest
Interest and Yield
Pay Class A Interest Distribution- Sec. 908,296.31
3.05(a)(i)(a)
Pay Class B Interest Distribution- Sec. 720,191.04
3.05(a)(i)(b)
Pay Certificates the Certificate Yield- Sec. 72,879.17
3.05(a)(i)(c)
Principal up to Optimum Monthly Principal
Balance
Pay Class A to Targeted Principal Balance- 4,548,421.83
Sec. 3.05(a)(ii)(a)
Pay Class B to Targeted Principal Balance 3,425,438.27
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 324,027.94
subject to Min Adj Bal- Sec. 3.05(a)(iii)
Pay OC Remaining Optimal Monthly Prin Amt 960,053.23
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) 78,587.79
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 263,328.12
Certificate - Sec. 3.05(a)(vii)
Allocations of Distributions to
Overcollateralization Amount
Available Distributions
Pay OC Remaining Optimal Monthly Prin Amt 960,053.23
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 78,587.79
Accelerated Principal Payments
To Designated Certificate Holder up to Holdback 881,465.44
Amount
To HCLC any remaining amounts 0.00
Principal paid to the Designated Certificate 3,250.54
