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) October 10, 2002
PEOPLE'S BANK
on behalf of
PEOPLE'S BANK CREDIT CARD MASTER TRUST
(Exact Name of Registrant as Specified in its Charter)
Connecticut
(State or Other Jurisdiction of Incorporation)
33-99506, 33-99508, 33-90012
333-33269, 333-45785, 333-63989 06-1213065
(Commission File Number) (I.R.S. Employer Identification No.)
850 Main Street, Bridgeport, Connecticut 06604
(Address of Principal Executive Offices) (Zip Code)
(203) 338-7171
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
INDEX TO EXHIBITS
Exhibit
No. Document Description
20 Monthly Servicer's Certificate
Item 5. Other Events.
The Registrant hereby incorporates by reference the information
contained in Exhibit 20 hereto in response to this Item 5.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
20. Monthly Servicer's Certificate for People's Bank Credit
Card Master Trust, 1998-1, 1999-1, 2002-1 VFC, 2002-2 VFC
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 hereunto duly authorized.
PEOPLE'S BANK
Dated: October 18, 2002 By: /s/Vincent J.Calabrese
Vincent J.Calabrese
First Vice President & Controller
MONTHLY SERVICER'S CERTIFICATE
PEOPLE'S BANK
People's Bank Credit Card Master Trust
For the October 10, 2002 Determination Date
For the September 2002 Monthly Period
The undersigned, a duly authorized representative of People's Bank, as
Servicer pursuant to the Amended and Restated Pooling and Servicing Agreement
dated as of March 18, 1997, (as heretofore amended, supplemented or otherwise
modified, the "Pooling and Servicing Agreement") by and between People's Bank
and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective meanings
set forth in the Pooling and Servicing Agreement; provided, that the
"preceding Monthly Period" shall mean the Monthly Period immediately
preceding the calendar month in which this Certificate is delivered.
This Certificate is delivered pursuant to subsection 3.4 (b) of the
Pooling and Servicing Agreement. References herein to certain sections
and subsections are references to the respective sections and subsections
of the Pooling and Servicing Agreement, as amended by the applicable
Series Supplement.
2. People's Bank is Servicer under the Pooling and Servicing Agreement.
3. The undersigned is a Servicing Officer.
4. The date of this Certificate is October 10, 2002, which is a
Determination Date under the Pooling and Servicing Agreement.
5. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 5(a) plus 5(b)) was equal to...$ 307,699,767.25
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") was equal to...............$ 28,027,998.81
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to....................$ 279,671,768.44
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to...................$ 1,791,794,443.42
7. Attached hereto is a true and correct copy of the statements required to
be delivered by the Servicer on the date of this Certificate to the
Paying Agent pursuant to Article V.
8. To the knowledge of the undersigned, there are no Liens on any Receivables
in the Trust except as described below:
"NONE"
9. The amount by which the Aggregate Principal Receivables exceeds the
Aggregate Principal Receivables required to be maintained pursuant to the
Pooling and Servicing Agreement, is equal to............$ 387,913,353.65
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of October 2002.
PEOPLE'S BANK
Servicer
By : /s/Lisa A. Brooks
Name: Lisa A. Brooks
Title: Vice President
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1998-1
For the October 10, 2002 Determination Date
For the September 2002 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 64,601,521.80
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1998-1 was equal
to......................................................$ 3,965,560.61
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1998-1 was equal to....$ 60,635,961.19
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1998-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1998-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 34,866,461.55
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1998-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 30,900,900.94
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 30,900,900.94
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1998-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1998-1 on the next succeeding Transfer
Date is equal to........................................$ 257,747.00
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1998-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 542,423.73
Total..................................................$ 542,423.73
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 47,048.08
Total..................................................$ 47,048.08
Collateral Interest
Payable in respect of principal........................$ 2,317,567.61
Payable in respect of interest.........................$ 11,650.96
Total..................................................$ 2,329,218.57
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1999-1
For the October 10, 2002 Determination Date
For the September 2002 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 61,258,831.45
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1999-1 was equal
to......................................................$ 622,870.26
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1999-1 was equal to....$ 60,635,961.19
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1999-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1999-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 29,622,870.26
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 1999-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 29,000,000.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 29,000,000.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1999-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1999-1 on the next succeeding Transfer
Date is equal to........................................$ 43,456.36
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1999-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 0.00
Total..................................................$ 0.00
Class B Certificateholders
Payable in respect of principal........................$ 29,000,000.00
Payable in respect of interest.........................$ 56,139.79
Total..................................................$ 29,056,139.79
Collateral Interest
Payable in respect of principal........................$ 12,000,000.00
Payable in respect of interest.........................$ 0.00
Total..................................................$ 12,000,000.00
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 2002-1 VFC
For the October 10, 2002 Determination Date
For the September 2002 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 75,051,837.22
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 2002-1 VFC was equal
to......................................................$ 6,836,380.88
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 2002-1 VFC was equal
to......................................................$ 68,215,456.34
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 2002-1 VFC with respect to Collections processed during
the preceding Monthly Period, and applicable to Series 2002-1 VFC as of
the Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 6,836,380.88
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 2002-1 VFC, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 2002-1 VFC as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
5. The aggregate amount of withdrawals required to be made under the
Enhancement pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 2002-1 VFC on the next succeeding Transfer
Date is equal to........................................$ 476,960.02
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 2002-1 VFC on the Distribution Date in the current Monthly Period
is equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 739,884.59
Total..................................................$ 739,884.59
Class B Collateral Interest Holders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 70,544.38
Total..................................................$ 70,544.38
Class C/D Collateral Interest Holders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 52,777.50
Total..................................................$ 52,777.50
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1998-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 54
Monthly Period Ended September 30, 2002
Distribution Date October 15, 2002
Determination Date October 10, 2002
Number of Days in Period 29
1. Trust Activity Series 1998-1
Beginning of Month - Aggregate Principal Receivables 1,844,923,460.82
Principal Collections on the Receivables 279,671,768.44
Finance Charge Collections on the Receivables 28,027,998.81
Receivables in Defaulted Accounts 15,261,904.91
End of Month - Aggregate Principal Receivables 1,791,794,443.42
Investor Interest Series 1998-1 383,777,026.99
Investor Interest Series 1999-1 0.00
Investor Interest Series 2002-1 VFC 450,000,000.00
Investor Interest Series 2002-2 VFC 400,000,000.00
Seller Principal Receivables 558,017,416.43
Adjusted Investor Interest Series 1998-1 212,277,027.00
Class A Adjusted Investor Interest 171,500,000.02
Class B Investor Interest 27,000,000.00
Collateral Interest 13,777,026.98
Total Investor Percentage with respect to...
Finance Charges 11.8471752%
Charged-Off Accounts 11.8471752%
Principal Receivables 22.3239893%
Class A Percentage with respect to...
Finance Charges 9.5714104%
Charged-Off Accounts 9.5714104%
Principal Receivables 19.1428208%
Class B Percentage with respect to...
Finance Charges 1.5068693%
Charged-Off Accounts 1.5068693%
Principal Receivables 1.5068693%
Collateral Interest Percentage with respect to...
Finance Charges 0.7688955%
Charged-Off Accounts 0.7688955%
Principal Receivables 1.6742992%
Seller Percentage with respect to...
Finance Charges 31.1429371%
Charged-Off Accounts 31.1429371%
Principal Receivables 30.2375334%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 3,310,869.36
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 271,211.87
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 271,211.86
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 333,472.22
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,655,165.04
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 779,808.37
Class A Required Amount 0.00
Class B Available Finance Charge Collections 410,182.85
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 47,048.08
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 45,000.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 223,354.22
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 94,780.55
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 244,508.40
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 26,824.32
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 217,684.08
Total Excess Spread 1,092,273.00
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 11,650.96
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 133,140.58
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 49,590.64
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 897,890.81
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 2.79%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 62,647,621.03
Available Investor Principal Collections plus Draws from
Shared Principal Collections 62,647,621.03
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 28,583,333.33
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 2,317,567.61
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 31,746,720.09
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other
Series 0.00
Draw on Shared Finance Charge Collections from other
Series 0.00
Required Shared Finance Charge Collections for other
Series 0.00
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 542,423.73
Total Distribution to Class A Investors per $1,000
Invested 1.58
Total Distribution to Class B Investors 47,048.08
Total Distribution to Class B Investors per $1,000
Invested 1.74
Total Distribution to Collateral Interest Holders 2,329,218.57
Total Distribution to Collateral Interest Holders per
$1,000 Invested 77.64
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 171,499,999.98
Deposits into Principal Funding Account 28,583,333.33
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 200,083,333.31
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 219,224.19
Principal Funding Investment Shortfall 51,987.67
Beginning Balance of Reserve Account 1,715,000.00
Available Reserve Account Amount 1,715,000.00
Reserve Account Funding Date October 12, 2001
Required Reserve Account Amount 1,715,000.00
Reserve Account Investment Proceeds 2,397.03
Deposit from Excess Spread into Reserve Account 49,590.64
Reserve Account Draws 51,987.67
Ending Balance of Reserve Account 1,715,000.00
Percent Reserve Account to Total Initial Class A Interest 0.50%
Percent Required Reserve Account to Total Initial Class A Interest 0.50%
4. Calculation of Certificate Interest
Class A Certificate Rate 1.96313%
Class A Cap Rate 9.14000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 271,211.86
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 219,224.19
Principal Funding Investment Shortfall 51,987.67
Reserve Account Draws 51,987.67
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 271,211.87
Class A Monthly Interest 542,423.73
Expected Class A Principal 142,916,666.69
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 542,423.73
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.58
Class B Certificate Rate 2.16313%
Class B Cap Rate 9.34000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 47,048.08
Class B Monthly Interest 47,048.08
Expected Class B Principal 27,000,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 47,048.08
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.74
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 589,471.81
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.59
5. Calculation of Monthly Principal
Beginning Investor Interest 386,094,594.58
Beginning Class A Investor Interest 343,000,000.00
Class A Monthly Principal 28,583,333.33
Controlled Deposit Amount 28,583,333.33
Controlled Accumulation Amount 28,583,333.33
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 343,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 27,000,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 27,000,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 31,746,720.09
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 383,777,026.98
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.9594426
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 200,083,333.35
Beginning Class B Investor Interest 27,000,000.00
Beginning Collateral Investor Interest 16,094,594.58
Class A Monthly Servicing Fee 333,472.22
Class B Monthly Servicing Fee 45,000.00
Collateral Interest Monthly Servicing Fee 26,824.32
Total Monthly Servicing Fee 405,296.55
8. Collateral Interest Amount Activity
Beginning Collateral Interest 16,094,594.58
Required Collateral Interest Amount 13,777,026.98
Collateral Interest Surplus 2,317,567.61
Collateral Monthly Interest 11,650.96
Collateral Monthly Principal 2,317,567.61
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 77.25
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 0.39
Ending Collateral Interest 13,777,026.98
Collateral Default Amount this period 133,140.58
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 13,777,026.98
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 3.59%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 69,327,392.43
Percent Dollars 3.87%
Number of Accts 18,614
Percent Number of Accts 0.92%
30-59 days past due Dollars 25,962,785.85
Percent Dollars 1.45%
Number of Accts 5,472
Percent Number of Accts 0.27%
60-89 days past due Dollars 20,131,299.64
Percent Dollars 1.12%
Number of Accts 3,903
Percent Number of Accts 0.19%
90-119 days past due Dollars 16,146,577.62
Percent Dollars 0.90%
Number of Accts 3,027
Percent Number of Accts 0.15%
120-149 days past due Dollars 14,625,391.55
Percent Dollars 0.82%
Number of Accts 2,608
Percent Number of Accts 0.13%
150+ days past due Dollars 13,803,981.45
Percent Dollars 0.77%
Number of Accts 2,331
Percent Number of Accts 0.12%
10. Base Rate Calculation
Gross Yield 19.07%
Percentage on Defaulted Accounts 9.93%
Portfolio Yield (net of losses) 9.15%
Base Rate 3.93%
Excess of Portfolio over Base Rate 5.21%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 85,182
Number of Removed Accounts 0
Number of Automatic Additional Accounts 6
Ending Number of Accounts 2,017,226
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1999-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 37
Monthly Period Ended September 30, 2002
Distribution Date October 15, 2002
Determination Date October 10, 2002
Number of Days in Period 29
1. Trust Activity Series 1999-1
Beginning of Month - Aggregate Principal Receivables 1,844,923,460.82
Principal Collections on the Receivables 279,671,768.44
Finance Charge Collections on the Receivables 28,027,998.81
Receivables in Defaulted Accounts 15,261,904.91
End of Month - Aggregate Principal Receivables 1,791,794,443.42
Investor Interest Series 1998-1 383,777,026.99
Investor Interest Series 1999-1 0.00
Investor Interest Series 2002-1 VFC 450,000,000.00
Investor Interest Series 2002-2 VFC 400,000,000.00
Seller Principal Receivables 558,017,416.43
Adjusted Investor Interest Series 1999-1 0.00
Class A Adjusted Investor Interest 0.00
Class B Investor Interest 0.00
Collateral Interest 0.00
Total Investor Percentage with respect to...
Finance Charges 0.0000000%
Charged-Off Accounts 0.0000000%
Principal Receivables 0.0000000%
Class A Percentage with respect to...
Finance Charges 0.0000000%
Charged-Off Accounts 0.0000000%
Principal Receivables 0.0000000%
Class B Percentage with respect to...
Finance Charges 0.0000000%
Charged-Off Accounts 0.0000000%
Principal Receivables 0.0000000%
Collateral Interest Percentage with respect to...
Finance Charges 0.0000000%
Charged-Off Accounts 0.0000000%
Principal Receivables 0.0000000%
Seller Percentage with respect to...
Finance Charges 31.1429371%
Charged-Off Accounts 31.1429371%
Principal Receivables 30.2375334%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 0.00
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 0.00
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 0.00
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 0.00
Class A Required Amount 0.00
Class B Available Finance Charge Collections 440,566.77
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 56,139.79
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 48,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 239,898.97
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 96,194.68
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 182,303.49
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 20,000.00
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 162,303.49
Total Excess Spread 258,498.17
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class B 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 0.00
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 99,268.54
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 159,229.63
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 4.66%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap Rate (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 0.00
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 60,975,128.70
Available Investor Principal Collections plus Draws from
Shared Principal Collections 60,975,128.70
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 29,000,000.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 12,000,000.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 19,975,128.70
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other
Series 0.00
Draw on Shared Finance Charge Collections from other
Series 0.00
Required Shared Finance Charge Collections for other
Series 0.00
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 0.00
Total Distribution to Class A Investors per $1,000
Invested 0.00
Total Distribution to Class B Investors 29,056,139.79
Total Distribution to Class B Investors per $1,000
Invested 1,001.94
Total Distribution to Collateral Interest Holders 12,000,000.00
Total Distribution to Collateral Interest Holders per
$1,000 Invested 363.64
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 0.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 0.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Beginning Balance of Reserve Account 0.00
Available Reserve Account Amount 0.00
Reserve Account Funding Date August 14, 2001
Required Reserve Account Amount 0.00
Reserve Account Investment Proceeds 0.00
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Ending Balance of Reserve Account 0.00
Percent Reserve Account to Total Initial Class A Interest 0.00%
Percent Required Reserve Account to Total Initial Class A Interest 0.00%
4. Calculation of Certificate Interest
Class A Certificate Rate 0.00000%
Class A Cap Rate 10.29000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 0.00
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Reserve Account Draws 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 0.00
Class A Monthly Interest 0.00
Expected Class A Principal 0.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 0.00
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 0.00
Class B Certificate Rate 2.40313%
Class B Cap Rate 10.58000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 56,139.79
Class B Monthly Interest 56,139.79
Expected Class B Principal 0.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 56,139.79
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.94
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 56,139.79
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 0.15
5. Calculation of Monthly Principal
Beginning Investor Interest 41,000,000.00
Beginning Class A Investor Interest 0.00
Class A Monthly Principal 0.00
Controlled Deposit Amount 0.00
Controlled Accumulation Amount 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 0.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 29,000,000.00
Class B Monthly Principal 29,000,000.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B
Certificates 29,000,000.00
Ending Class B Investor Interest 0.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 1,000.00
Monthly Principal Reinvested in Receivables 19,975,128.70
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 0.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.0000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 0.00
Beginning Class B Investor Interest 29,000,000.00
Beginning Collateral Investor Interest 12,000,000.00
Class A Monthly Servicing Fee 0.00
Class B Monthly Servicing Fee 48,333.33
Collateral Interest Monthly Servicing Fee 20,000.00
Total Monthly Servicing Fee 68,333.33
8. Collateral Interest Amount Activity
Beginning Collateral Interest 12,000,000.00
Required Collateral Interest Amount 0.00
Collateral Interest Surplus 12,000,000.00
Collateral Monthly Interest 0.00
Collateral Monthly Principal 12,000,000.00
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 363.64
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 0.00
Ending Collateral Interest 0.00
Collateral Default Amount this period 99,268.54
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 0.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 0.00%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 69,327,392.43
Percent Dollars 3.87%
Number of Accts 18,614
Percent Number of Accts 0.92%
30-59 days past due Dollars 25,962,785.85
Percent Dollars 1.45%
Number of Accts 5,472
Percent Number of Accts 0.27%
60-89 days past due Dollars 20,131,299.64
Percent Dollars 1.12%
Number of Accts 3,903
Percent Number of Accts 0.19%
90-119 days past due Dollars 16,146,577.62
Percent Dollars 0.90%
Number of Accts 3,027
Percent Number of Accts 0.15%
120-149 days past due Dollars 14,625,391.55
Percent Dollars 0.82%
Number of Accts 2,608
Percent Number of Accts 0.13%
150+ days past due Dollars 13,803,981.45
Percent Dollars 0.77%
Number of Accts 2,331
Percent Number of Accts 0.12%
10. Base Rate Calculation
Gross Yield 18.23%
Percentage on Defaulted Accounts 9.93%
Portfolio Yield (net of losses) 8.30%
Base Rate 3.70%
Excess of Portfolio over Base Rate 4.60%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 85,182
Number of Removed Accounts 0
Number of Automatic Additional Accounts 6
Ending Number of Accounts 2,017,226
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 2002-1 VFC
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 6
Monthly Period Ended September 30, 2002
Distribution Date October 15, 2002
Determination Date October 10, 2002
Number of Days in Period 31
1. Trust Activity Series 2002-1 VFC
Beginning of Month - Aggregate Principal Receivables 1,844,923,460.82
Principal Collections on the Receivables 279,671,768.44
Finance Charge Collections on the Receivables 28,027,998.81
Receivables in Defaulted Accounts 15,261,904.91
End of Month - Aggregate Principal Receivables 1,791,794,443.42
Investor Interest Series 1998-1 383,777,026.99
Investor Interest Series 1999-1 0.00
Investor Interest Series 2002-1 VFC 450,000,000.00
Investor Interest Series 2002-2 VFC 400,000,000.00
Seller Principal Receivables 558,017,416.43
Adjusted Investor Interest Series 2002-1 450,000,000.00
Class A Investor Interest 391,500,000.00
Class B Investor Interest 24,750,000.00
Class C/D Interest 33,750,000.00
Total Investor Percentage with respect to...
Finance Charges 25.1144880%
Charged-Off Accounts 25.1144880%
Principal Receivables 25.1144880%
Class A Percentage with respect to...
Finance Charges 21.8496045%
Charged-Off Accounts 21.8496045%
Principal Receivables 21.8496045%
Class B Percentage with respect to...
Finance Charges 1.3812968%
Charged-Off Accounts 1.3812968%
Principal Receivables 1.3812968%
Class C/D Interest Percentage with respect to...
Finance Charges 1.8835866%
Charged-Off Accounts 1.8835866%
Principal Receivables 1.8835866%
Seller Percentage with respect to...
Finance Charges 31.1429371%
Charged-Off Accounts 31.1429371%
Principal Receivables 30.2375334%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,947,651.36
Class A Monthly Interest 739,884.59
Unpaid Class A Monthly Interest 0.00
Class A Rated Additional Amount 0.00
Unpaid Class A Rated Additional Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 652,500.00
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 3,238,636.13
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Available Funds 1,316,630.64
Class A Required Amount 0.00
Class B Available Finance Charge Collections 376,000.95
Class B Monthly Interest (plus accrued and unpaid)
(See "Calculation of Certificate Interest" #4) 70,544.38
Unpaid Class B Monthly Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 41,250.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 204,741.36
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 59,465.21
Class B Required Amount 0.00
Class C/D Finance Charge Collections 512,728.57
Class C Monthly Interest (plus accrued and unpaid) 52,700.00
Unpaid Class C Monthly Interest 0.00
Class C/D Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 56,250.00
Unpaid Class C/D Interest Monthly Servicing Fee 0.00
Excess Spread from Class C/D Available Funds 403,701.07
Class C/D Required Amount 0.00
Total Excess Spread 1,779,796.92
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Interest 0.00
Excess Spread used to satisfy remaining unpaid Class A Rated
Additional Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Interest 0.00
Excess Spread used to satisfy remaining unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Excess Spread used to satisfy unreimbursed reductions to Class
B Investor Interest from prior periods
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy Class C/D Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class C/D
Monthly Interest 0.00
Excess Spread used to satisfy remaining unpaid Class C/D
Monthly Servicing Fee 0.00
Remaining Class C/D Amount 0.00
Shared Finance Charges used to satisfy remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Rated Additional Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reserve Account used to satisfy remaining Class A Required Amount 0.00
Reserve Account used to satisfy remaining unpaid Class A 0.00
Monthly Interest
Reserve Account used to satisfy remaining unpaid Class A Rated
Additional Amount 0.00
Reserve Account used to satisfy remaining unpaid Class A Monthly
Servicing Fee 0.00
Reserve Account used to satisfy remaining unpaid Class A Investor
Default Amount 0.00
Reserve Account used to satisfy remaining unpaid unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid Class A Monthly Interest 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid Class A Rated Additional Amount 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Rated Additional Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class C/D Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class C/D Investor Interest used to satisfy
remaining unpaid Class A Monthly Interest 0.00
Reallocated Class C/D Investor Interest used to satisfy
remaining unpaid Class A Rated Additional Amount 0.00
Reallocated Class C/D Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class C/D Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class C/D Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Rated Additional Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
unreimbursed Class B Investor Charge-offs 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest from prior periods 0.00
Remaining Class B Required Amount 0.00
Reserve Account used to satisfy remaining Class B Required Amount 0.00
Reserve Account used to satisfy remaining unpaid Class B
Monthly Interest 0.00
Reserve Account used to satisfy remaining unpaid Class B
Monthly Servicing Fee 0.00
Reserve Account used to satisfy remaining unpaid Class B
Investor Default Amount 0.00
Reserve Account used to satisfy remaining unpaid unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Class C/D Principal Collections used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid Class B Monthly Cap Interest 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid Class B Monthly Servicing Fee 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid Class B Investor Default Amount 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy Class C/D Investor
Default Amount 279,192.77
Remaining C/D Investor Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to the
Class C/D Collateral Interest from prior periods 0.00
Remaining unreimbursed reductions to Class C/D Collateral
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy Class A Unrated Additional Amounts 0.00
Remaining Class A Unrated Additional Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 0.00
Remaining unfunded amount to pay amounts per Loan
Agreement 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 1,500,604.15
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 4.00%
Shared Finance Charges used to satisfy remaining Class C/D
Amount 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class C/D Monthly Interest 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class C/D Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining unpaid
Class C/D Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining unreimbursed
Class C/D Investor Charge-offs 0.00
Remaining Class C/D Amount 0.00
Reserve Account used to satisfy remaining Class C/D Amount 0.00
Reserve Account used to satisfy remaining unpaid Class C/D
Monthly Interest 0.00
Reserve Account used to satisfy remaining unpaid Class C/D
Monthly Servicing Fee 0.00
Reserve Account used to satisfy remaining unpaid Class C/D
Investor Default Amount 0.00
Reserve Account used to satisfy remaining unpaid unreimbursed
Class C/D Investor Charge-offs 0.00
Remaining Class C/D Amount 0.00
Shared Finance Charge Collections paid to Holder of Exchangable
Seller Certificate 0.00
Unpaid unreimbursed Class A Charge Offs 0.00
Unpaid unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class B Charge Offs 0.00
Unpaid unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Unpaid unreimbursed Class C/D Charge-offs 0.00
Unpaid unreimbursed Class C/D Charge-offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 71,938,026.60
Available Investor Principal Collections plus Draws from
Shared Principal Collections 71,938,026.60
Available Investor Principal Collections plus Draws plus
Additional Funds from Seller for Optional Amortization 71,938,026.60
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Class C/D Interest Amount Activity" #8) 0.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 71,938,026.60
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other
Series 0.00
Draw on Shared Finance Charge Collections from other
Series 0.00
Required Shared Finance Charge Collections for other
Series 0.00
Deposit of Shared Finance Charge Collections for other
Series 0.00
Total Distribution to Class A Investors 739,884.59
Total Distribution to Class A Investors per $1,000
Invested 1.89
Total Distribution to Class B Investors 70,544.38
Total Distribution to Class B Investors per $1,000
Invested 2.85
Total Distribution to Class C/D Interest Holders 52,777.50
Total Distribution to Class C/D Interest Holders per
$1,000 Invested 1.56
3. Reserve Account
Beginning Balance of Reserve Account 0.00
Available Reserve Account Amount 0.00
Reserve Account Cap Percentage 0.00%
Required Reserve Account Amount 0.00
Retained Reserve Account Investment Proceeds 0.00
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Surplus returned to Seller 0.00
Ending Balance of Reserve Account 0.00
Percent Reserve Account to Total Initial Investor Interest 0.00%
Percent Required Reserve Account to Total Initial Investor Interest 0.00%
4. Calculation of Certificate Interest
Class A Monthly Interest 739,884.59
Previous Month's Class A Deficiency Amount 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Interest 739,884.59
Total Class A Interest Distributable to Class A
Certificateholders 739,884.59
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.89
Class B Collateral Interest Rate 3.31%
Class B Cap Rate 10.00%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate on Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Interest 70,544.38
Total Class B Interest Distributable to Class B
Certificateholders 70,544.38
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 2.85
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 810,428.97
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.95
Class C Interest Rate 6.81%
Previous Month's Class C Deficiency Amount 0.00
Class C Interest at the Certificate Rate on Deficiency Amount 0.00
Class C Investor Certificate Interest Shortfall 0.00
Class C Monthly Interest 52,777.50
Total Class C Interest Distributable to Class C
Certificateholders 52,777.50
Total Class C Interest Distributable per $1,000 of
Class C Original Investment 1.56
Total Certificate Interest Distributable to Class A, B
and C Certificateholders 863,206.47
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A, B and C Certificateholders 1.92
5. Calculation of Monthly Principal
Beginning Investor Interest 450,000,000.00
Beginning Class A Investor Interest 391,500,000.00
Class A Monthly Principal 0.00
Controlled Amortization Amount 0.00
Rapid or Partial Accumulation Amount 0.00
Optional Class A Amortization 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 391,500,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Citi Portion of Class A Invested Interest 195,750,000.00
ABN Portion of Class A Invested Interest 195,750,000.00
Beginning Class B Investor Interest 24,750,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Net Cumulative Reallocated Class B Charge Offs 0.00
Optional Class B Amortization 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 24,750,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 71,938,026.60
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Ending Investor Interest 450,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Investor Interest 391,500,000.00
Beginning Class B Investor Interest 24,750,000.00
Beginning C/D Investor Interest 33,750,000.00
Class A Monthly Servicing Fee 652,500.00
Class B Monthly Servicing Fee 41,250.00
Class C/D Monthly Servicing Fee 56,250.00
Total Monthly Servicing Fee 750,000.00
8. Class C/D Interest Amount Activity
Beginning Class C/D 33,750,000.00
Class C/D Monthly Principal 0.00
Reallocated Class C/D Investor Interest this period 0.00
Previously Reallocated Class C/D Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Net Cumulative Reallocated Charge Offs 0.00
Total Class C/D Monthly Principal Payable to Class C/D
Certificates 0.00
Ending Class C/D Investor Interest 33,750,000.00
Class C/D Monthly Principal Payable per $1,000 of
Original Investment 0.00
Ending Class C Investor Interest 9,000,000.00
Ending Class D Investor Interest 24,750,000.00
Class C/D Default Amount this period 279,192.77
Ratio of Class C/D Interest to Investor Interest 7.50%
Class C Default Amount this period 74,451.41
Ratio of Class C Interest to Investor Interest 2.00%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 69,327,392.43
Percent Dollars 3.87%
Number of Accts 18,614
Percent Number of Accts 0.92%
30-59 days past due Dollars 25,962,785.85
Percent Dollars 1.45%
Number of Accts 5,472
Percent Number of Accts 0.27%
60-89 days past due Dollars 20,131,299.64
Percent Dollars 1.12%
Number of Accts 3,903
Percent Number of Accts 0.19%
90-119 days past due Dollars 16,146,577.62
Percent Dollars 0.90%
Number of Accts 3,027
Percent Number of Accts 0.15%
120-149 days past due Dollars 14,625,391.55
Percent Dollars 0.82%
Number of Accts 2,608
Percent Number of Accts 0.13%
150+ days past due Dollars 13,803,981.45
Percent Dollars 0.77%
Number of Accts 2,331
Percent Number of Accts 0.12%
10. Base Rate Calculation
Gross Yield 18.23%
Percentage on Defaulted Accounts 9.93%
Portfolio Yield (net of losses) 8.30%
Base Rate 4.23%
Excess of Portfolio over Base Rate 4.08%
Portfolio Adjusted Yield 3.97%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 85,182
Number of Removed Accounts 0
Number of Automatic Additional Accounts 6
Ending Number of Accounts 2,017,226
12. Financial Convenants
Is People's Bank "adequately capitalized" as per the FDIC? Y
Ratio of loan loss reserves to non-performing loans (both
accruing and non-accruing loans 90 days past-due) 330.39%
Minimum consolidated tangible net worth of People's Bank
and its subsidiaries 838,315,000