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) November 8, 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, 2002-1 VFC, 2002-2 VFC
Monthly Payment Certificate for People's Bank Credit
Master Trust, 1998-1, 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: November 25, 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 November 8, 2002 Determination Date
For the October 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 November 8, 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...$ 321,036,742.84
(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...............$ 26,782,993.71
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to....................$ 294,253,749.13
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to...................$ 1,736,341,097.12
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............$ 379,641,956.40
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 8th Day of November 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 November 8, 2002 Determination Date
For the October 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...........$ 69,196,454.02
(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......................................................$ 3,507,278.52
(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....$ 65,689,175.50
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......................................................$ 33,867,638.83
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...................$ 30,360,360.31
(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.................................................$ 30,360,360.31
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........................................$ 228,730.80
(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.........................$ 573,000.56
Total..................................................$ 573,000.56
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 49,755.00
Total..................................................$ 49,755.00
Collateral Interest
Payable in respect of principal........................$ 1,777,026.98
Payable in respect of interest.........................$ 7,643.23
Total..................................................$ 1,784,670.21
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 November 8, 2002 Determination Date
For the October 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...........$ 80,626,734.17
(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......................................................$ 6,726,411.73
(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......................................................$ 73,900,322.44
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......................................................$ 6,726,411.73
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........................................$ 484,879.88
(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.........................$ 717,125.47
Total..................................................$ 717,125.47
Class B Collateral Interest Holders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 68,062.50
Total..................................................$ 68,062.50
Class C/D Collateral Interest Holders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 51,000.00
Total..................................................$ 51,000.00
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 2002-2VFC
For the November 8, 2002 Determination Date
For the Period from the closing date to October 31, 2002
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 79,331,398.57
(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 2002-2 VFC was equal
to......................................................$ 6,626,485.32
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 2002-2 VFC was equal
to......................................................$ 72,704,913.25
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 2002-2 VFC with respect to Collections processed during
the preceding Monthly Period, and applicable to Series 2002-2 VFC as of
the Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 6,626,485.32
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 2002-2 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 2002-2 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 2002-2 VFC on the next succeeding Transfer
Date is equal to........................................$ 864,010.33
(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 2002-2 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.........................$ 847,955.53
Total..................................................$ 847,955.53
Class B Collateral Interest Holders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 87,022.22
Total..................................................$ 87,022.22
Class C/D Collateral Interest Holders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 73,866.67
Total..................................................$ 73,866.67
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 55
Monthly Period Ended October 31, 2002
Distribution Date November 15, 2002
Determination Date November 8, 2002
Number of Days in Period 31
1. Trust Activity Series 1998-1
Beginning of Month - Aggregate Principal Receivables 1,791,794,443.42
Principal Collections on the Receivables 294,253,749.13
Finance Charge Collections on the Receivables 26,782,993.71
Receivables in Defaulted Accounts 13,365,931.35
End of Month - Aggregate Principal Receivables 1,736,341,097.12
Investor Interest Series 1998-1 382,000,000.00
Investor Interest Series 2002-1 VFC 450,000,000.00
Investor Interest Series 2002-2 VFC 400,000,000.00
Seller Principal Receivables 504,341,097.12
Adjusted Investor Interest Series 1998-1 181,916,666.69
Class A Adjusted Investor Interest 142,916,666.69
Class B Investor Interest 27,000,000.00
Collateral Interest 12,000,000.00
Total Investor Percentage with respect to...
Finance Charges 10.4770121%
Charged-Off Accounts 10.4770121%
Principal Receivables 23.0369483%
Class A Percentage with respect to...
Finance Charges 8.2309096%
Charged-Off Accounts 8.2309096%
Principal Receivables 19.7541831%
Class B Percentage with respect to...
Finance Charges 1.5549940%
Charged-Off Accounts 1.5549940%
Principal Receivables 1.5549940%
Collateral Interest Percentage with respect to...
Finance Charges 0.6911084%
Charged-Off Accounts 0.6911084%
Principal Receivables 1.7277711%
Seller Percentage with respect to...
Finance Charges 29.0461994%
Charged-Off Accounts 29.0461994%
Principal Receivables 28.0095367%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 2,897,760.57
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 238,750.23
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 334,250.33
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 285,833.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,279,308.15
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 759,618.53
Class A Required Amount 0.00
Class B Available Finance Charge Collections 403,584.70
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 49,755.00
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 201,407.11
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 107,422.59
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 205,933.24
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 22,961.71
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 182,971.53
Total Excess Spread 1,050,012.65
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 7,643.23
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 102,770.05
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 62,431.80
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) 877,167.57
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 2.74%
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 67,272,660.81
Available Investor Principal Collections plus Draws from
Shared Principal Collections 67,272,660.81
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) 1,777,026.98
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 36,912,300.50
(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 573,000.56
Total Distribution to Class A Investors per $1,000
Invested 1.67
Total Distribution to Class B Investors 49,755.00
Total Distribution to Class B Investors per $1,000
Invested 1.84
Total Distribution to Collateral Interest Holders 1,784,670.21
Total Distribution to Collateral Interest Holders per
$1,000 Invested 59.49
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 200,083,333.31
Deposits into Principal Funding Account 28,583,333.33
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 228,666,666.64
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 269,360.09
Principal Funding Investment Shortfall 64,890.23
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 2,458.43
Deposit from Excess Spread into Reserve Account 62,431.80
Reserve Account Draws 64,890.23
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 1.94000%
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 334,250.32
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 269,360.09
Principal Funding Investment Shortfall 64,890.23
Reserve Account Draws 64,890.23
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 238,750.23
Class A Monthly Interest 573,000.56
Expected Class A Principal 114,333,333.36
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 573,000.56
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.67
Class B Certificate Rate 2.14000%
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 49,755.00
Class B Monthly Interest 49,755.00
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 49,755.00
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 1.84
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 622,755.56
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 1.68
5. Calculation of Monthly Principal
Beginning Investor Interest 383,777,026.98
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 36,912,300.50
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 382,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.9550000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 171,500,000.02
Beginning Class B Investor Interest 27,000,000.00
Beginning Collateral Investor Interest 13,777,026.98
Class A Monthly Servicing Fee 285,833.33
Class B Monthly Servicing Fee 45,000.00
Collateral Interest Monthly Servicing Fee 22,961.71
Total Monthly Servicing Fee 353,795.04
8. Collateral Interest Amount Activity
Beginning Collateral Interest 13,777,026.98
Required Collateral Interest Amount 12,000,000.00
Collateral Interest Surplus 1,777,026.98
Collateral Monthly Interest 7,643.23
Collateral Monthly Principal 1,777,026.98
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 59.23
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 0.25
Ending Collateral Interest 12,000,000.00
Collateral Default Amount this period 102,770.05
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 12,000,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 3.14%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 63,281,018.64
Percent Dollars 3.64%
Number of Accts 16,484
Percent Number of Accts 0.84%
30-59 days past due Dollars 25,516,564.16
Percent Dollars 1.47%
Number of Accts 5,455
Percent Number of Accts 0.28%
60-89 days past due Dollars 20,196,524.87
Percent Dollars 1.16%
Number of Accts 3,882
Percent Number of Accts 0.20%
90-119 days past due Dollars 16,950,204.60
Percent Dollars 0.98%
Number of Accts 3,154
Percent Number of Accts 0.16%
120-149 days past due Dollars 14,137,247.37
Percent Dollars 0.81%
Number of Accts 2,535
Percent Number of Accts 0.13%
150+ days past due Dollars 14,708,012.52
Percent Dollars 0.85%
Number of Accts 2,496
Percent Number of Accts 0.13%
10. Base Rate Calculation
Gross Yield 18.98%
Percentage on Defaulted Accounts 8.95%
Portfolio Yield (net of losses) 10.03%
Base Rate 3.91%
Excess of Portfolio over Base Rate 6.12%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 66,019
Number of Removed Accounts 0
Number of Automatic Additional Accounts 8
Ending Number of Accounts 1,973,498
MONTHLY PAYMENT CERTIFICATE
PEOPLE'S BANK CREDIT CARD MASTER TRUST
SERIES 1998-1
Month Ending: October 31, 2002
A. CA Investor Interest
1. Collateral Interest $13,777,026.98
2. CA Residual Interest $10,000,000.00
3. CA Investor Principal Balance $3,777,026.98
4. Required Collateral Interest at applicable
Transfer Date $12,000,000.00
5. CA Investor Charge-offs $0.00
6. Collateral Floating Allocation 0.7688955%
7. Collateral Monthly Principal $1,777,026.98
B. Spread Account
1. Spread Account Amount at Previous Distribution Date $0.00
2. Investment Earnings $0.00
3. Spread Account Cap (net of CA Residual Interest) $0.00
4. Spread Account Surplus $0.00
5. Spread Account Deficiency (prior to application of
Available Funds) $0.00
6. Collateralized Portion of Spread Account Amount $0.00
C. Available Funds
1. Available Non-Principal Funds:
a. Amounts available pursuant to subsection 4.6(d)(vi)
& (xii) (Excess Spread) of the Series 1998-1
Supplement $884,810.80
b. Amounts available pursuant to subsection 4.6(g)
(Shared Finance Charge Collections) of the Series
1998-1 Supplement $0.00
c. Investment Earnings $0.00
d. Amounts available pursuant to subsection 4.9 of the
Series 1998-1 Supplement (Reserve Account Surplus) $0.00
Total $884,810.80
2. Available Principal Funds:
a. Amounts available pursuant to subsection 4.8 of
the Series 1998-1 Supplement (Collateral Monthly
Principal) $1,777,026.98
Total $1,777,026.98
D. Application of Available Non-Principal Funds and Available
Principal Funds
1. Application of Available Non-Principal Funds:
a. Interest to CA Investors 2.10(a)(i) $7,643.23
b. Fees, expenses and other amounts 2.10(a)(ii) $0.00
c. Deposit of Spread Account Deficiency to Spread
Account 2.10(a)(iii) $0.00
d. Reduce CA Investor Principal Balance 2.10(c) $1,777,026.98
Remaining Funds to Holder of CA Residual
Interest 2.10(a)(iv) $877,167.57
2. Application of Available Principal Funds:
a. Reduce CA Investor Principal Balance 2.10(b) $1,777,026.98
b. Remaining Funds to Holder of CA Residual Interest $0.00
E. Withdrawals from Spread Account
1. To CA Investors:
a. Deficiency (Interest) 2.10(a)(i) $0.00
b. Deficiency (Fees, Expenses, and Other amounts) 2.10(a)(ii) $0.00
2. To Holder of CA Residual Interest:
Excess Spread Account Amount over Spread Account Cap $0.00
F. Ending Cash Spread Account Amount $0.00
Sum of Spread Account Amount & CA Residual Amount (A.2. + F) $10,000,000.00
The following is based on the above Monthly Period:
G. Adjusted Excess Spread Calculations
Amounts distributed pursuant to subsections 4.6(d)(i) through
4.6(d)(xi) $172,845.08
Excess Spread $1,050,012.65
Less: Discount $0.00
Less: Adjustment pursuant to subsections 4.6(d)(i)
through 4.6(d)(xi) $172,845.08
Less: Excess Reinvestment Earnings $0.00
Coupon Adjustments
Actual Coupon (Representing days of Interest) $630,398.70
Adjusted 30 day Coupon $610,063.35
Coupon Adjustment to Excess Spread $20,335.44
Adjusted Excess Spread $897,503.01
Adjusted Excess Spread Percentage (Current Month) 5.07%
Adjusted Excess Spread Percentage (Prior Month) 4.33%
Adjusted Excess Spread Percentage (Two Months Ago) 4.33%
Quarterly Excess Spread Percentage (Current Month) 4.58%
Spread Account Cap Percentage 2.50%
(Reduction of Spread Account Cap Percentage is subject to
Section 3 of the Supplemental Spread Account Letter)
If Quarterly Excess Spread Percentage is:
>=3.50%, Spread Account Cap is 2.5%
<3.50% and>=3.00%, Spread Account Cap is 3.50%
<3.00% and>=2.50%, Spread Account Cap is 4.00%
<2.50%, Spread Account Cap is 5.00%
IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed
and delivered by its duly authorized officer this 8th day of November, 2002.
By : /s/Lisa A. Brooks
Name: Lisa A. Brooks
Title: Vice President
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 2002-1 VFC
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 7
Monthly Period Ended October 31, 2002
Distribution Date November 15, 2002
Determination Date November 8, 2002
Number of Days in Period 30
1. Trust Activity Series 2002-1 VFC
Beginning of Month - Aggregate Principal Receivables 1,791,794,443.42
Principal Collections on the Receivables 294,253,749.13
Finance Charge Collections on the Receivables 26,782,993.71
Receivables in Defaulted Accounts 13,365,931.35
End of Month - Aggregate Principal Receivables 1,736,341,097.12
Investor Interest Series 1998-1 382,000,000.00
Investor Interest Series 2002-1 VFC 450,000,000.00
Investor Interest Series 2002-2 VFC 400,000,000.00
Seller Principal Receivables 504,341,097.12
Investor Interest Series 2002-1 VFC 450,000,000.00
Class A Investor Interest 391,500,000.00
Class B Collateral Interest 24,750,000.00
Class C/D Collateral Interest 33,750,000.00
Total Investor Percentage with respect to...
Finance Charges 25.9165668%
Charged-Off Accounts 25.9165668%
Principal Receivables 25.9165668%
Class A Percentage with respect to...
Finance Charges 22.5474131%
Charged-Off Accounts 22.5474131%
Principal Receivables 22.5474131%
Class B Percentage with respect to...
Finance Charges 1.4254112%
Charged-Off Accounts 1.4254112%
Principal Receivables 1.4254112%
Class C/D Interest Percentage with respect to...
Finance Charges 1.9437425%
Charged-Off Accounts 1.9437425%
Principal Receivables 1.9437425%
Seller Percentage with respect to...
Finance Charges 29.0461994%
Charged-Off Accounts 29.0461994%
Principal Receivables 28.0095367%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,851,978.21
Class A Monthly Interest 717,125.47
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 2,920,403.14
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 1,561,949.60
Class A Required Amount 0.00
Class B Available Finance Charge Collections 369,952.65
Class B Monthly Interest (plus accrued and unpaid)
(See "Calculation of Certificate Interest" #4) 68,062.50
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 184,623.19
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 76,016.96
Class B Required Amount 0.00
Class C/D Finance Charge Collections 504,480.88
Class C Monthly Interest (plus accrued and unpaid) 51,000.00
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 397,230.88
Class C/D Required Amount 0.00
Total Excess Spread 2,035,197.43
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 251,758.89
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) 1,783,438.54
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 4.76%
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 77,257,107.66
Available Investor Principal Collections plus Draws from
Shared Principal Collections 77,257,107.66
Available Investor Principal Collections plus Draws plus
Additional Funds from Seller for Optional Amortization 77,257,107.66
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) 77,257,107.66
(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 717,125.47
Total Distribution to Class A Investors per $1,000
Invested 1.83
Total Distribution to Class B Investors 68,062.50
Total Distribution to Class B Investors per $1,000
Invested 2.75
Total Distribution to Class C/D Interest Holders 51,000.00
Total Distribution to Class C/D Interest Holders per
$1,000 Invested 1.51
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 717,125.47
Previous Month's Class A Deficiency Amount 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Interest 717,125.47
Total Class A Interest Distributable to Class A
Certificateholders 717,125.47
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 1.83
Class B Collateral Interest Rate 3.30%
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 Collateral Interest Shortfall 0.00
Class B Monthly Interest 68,062.50
Total Class B Collateral Interest Distributable to Class B
Collateral Interest holders 68,062.50
Total Class B Collateral Interest Distributable per $1,000
of Class B Original Investment 2.75
Total Certificate Interest Distributable to Class A and
Class B Collateral Interest holders 785,187.97
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B 1.89
Class C Interest Rate 6.80%
Previous Month's Class C Deficiency Amount 0.00
Class C Monthly Interest at the Certificate Rate on
Deficiency Amount 0.00
Class C/D Collateral Interest Shortfall 0.00
Class C Monthly Interest 51,000.00
Total Class C Monthly Interest Distributable to Class C/D
Collateral Interest holders 51,000.00
Total Class C Monthly Interest Distributable per $1,000 of
Class C/D Collateral Interest 1.51
Total Monthly Interest Distributable to Class A, B
and C/D Collateral Interest holders 836,187.97
Total Monthly Interest Distributable per $1,000 of
Original Investment to Class A, B and C/D 1.86
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 Collateral Interest 24,750,000.00
Class B Monthly Principal 0.00
Reallocated Class B Collateral Interest this period 0.00
Cumulative Unreimbursed Class B Charge Offs 0.00
Cumulative Reallocated Class B Collateral Interest 0.00
Previously Reallocated Class B Collateral 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
Collateral Interest holders 0.00
Ending Class B Collateral Interest 24,750,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 77,257,107.66
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 Collateral Interest 24,750,000.00
Beginning C/D Collateral 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 Collateral Interest this period 0.00
Cumulative Reallocated Class C/D Investor Interest 0.00
Previously Reallocated Class C/D Collateral 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
Collateral Interest holders 0.00
Ending Class C/D Collateral Interest 33,750,000.00
Class C/D Monthly Principal Payable per $1,000 of
Original Investment 0.00
Ending Class C Collateral Interest 9,000,000.00
Ending Class D Collateral Interest 24,750,000.00
Class C/D Default Amount this period 251,758.89
Ratio of Class C/D Collateral Interest to Investor Interest 7.50%
Class C Default Amount this period 67,135.70
Ratio of Class C Collateral Interest to Investor Interest 2.00%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 63,281,018.64
Percent Dollars 3.64%
Number of Accts 16,484
Percent Number of Accts 0.84%
30-59 days past due Dollars 25,516,564.16
Percent Dollars 1.47%
Number of Accts 5,455
Percent Number of Accts 0.28%
60-89 days past due Dollars 20,196,524.87
Percent Dollars 1.16%
Number of Accts 3,882
Percent Number of Accts 0.20%
90-119 days past due Dollars 16,950,204.60
Percent Dollars 0.98%
Number of Accts 3,154
Percent Number of Accts 0.16%
120-149 days past due Dollars 14,137,247.37
Percent Dollars 0.81%
Number of Accts 2,535
Percent Number of Accts 0.13%
150+ days past due Dollars 14,708,012.52
Percent Dollars 0.85%
Number of Accts 2,496
Percent Number of Accts 0.13%
10. Base Rate Calculation
Gross Yield 17.94%
Percentage on Defaulted Accounts 8.95%
Portfolio Yield (net of losses) 8.99%
Base Rate 4.23%
Excess of Portfolio over Base Rate 4.76%
Portfolio Adjusted Yield 4.26%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 66,019
Number of Removed Accounts 0
Number of Automatic Additional Accounts 8
Ending Number of Accounts 1,973,498
12. Financial Convenants
Is the consolidated tangible net worth of People's Bank and
its subsidiaries as a % of total assets >=4.75% Y
Ratio of loan loss reserves to non-performing loans (both
accruing and non-accruing loans 90 days past-due) 271.80%
Minimum consolidated tangible net worth of People's Bank
and its subsidiaries 825,658,757
MONTHLY PAYMENT CERTIFICATE
PEOPLE'S BANK CREDIT CARD MASTER TRUST
SERIES 2002-1 VFC
Month Ending: October 31, 2002
A. Class C Collateral Interest
1. Class C Investor Principal Balance $9,000,000.00
2. Required Class C/D Collateral Interest $33,750,000.00
3. Class C/D Collateral Interest $33,750,000.00
4. Class D Collateral Interest $24,750,000.00
5. Class C Investor Charge-offs $0.00
6. Class C/D Collateral Floating Allocation 1.8835866%
7. Class C/D Monthly Principal $0.00
B. Available Funds
1. Available Non-Principal Funds:
a. Amounts available pursuant to subsection 4.6(d)(vi),
4.6(d)(xii), 4.6(g)of the Series 2002-1 VFC
Supplement $1,834,438.54
b. Amounts available pursuant to subsection 4.6(g)
of the Series 2002-1 VFC Supplement $0.00
c. Amounts available pursuant to subsection 4.9(d) and
4.9(e) of the Series 2002-1 VFC Supplement
(Reserve Account Surplus) $0.00
Total $1,834,438.54
2. Available Principal Funds:
a. Amounts available pursuant to subsection 4.8 and
4.6 of the Series 2002-1 VFC Supplement
(Class C/D Monthly Principal) $0.00
Total $0.00
C. Application of Available Non-Principal Funds and Available
Principal Funds
1. Application of Available Non-Principal Funds:
a. Interest to Class C Investors 2.10(a) $51,000.00
b. Fees, expenses and other amounts 2.10(a)(i) $0.00
Remaining Funds to Holder of Class D Collateral
Interest 2.10(a)(iii) $1,783,438.54
2. Application of Available Principal Funds:
a. Reduce Class C Investor Principal Balance 2.10(b) $0.00
Remaining Funds to Holder of CA Residual
Interest 2.10(c) $0.00
D. Class D Collateral Amount $24,750,000.00
E. Amounts distributed pursuant to subsections 4.6(d)(i)
and 4.6(d)(ii) $0.00
IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed
and delivered by its duly authorized officer this 8th day of November, 2002.
By : /s/Lisa A. Brooks
Name: Lisa A. Brooks
Title: Vice President
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 2002-2 VFC
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 1
Monthly Period Ended October 31, 2002
Distribution Date November 15, 2002
Determination Date November 8, 2002
Number of Days in Period 40
1. Trust Activity Series 2002-2 VFC
Beginning of Month - Aggregate Principal Receivables 1,806,399,931.90
Principal Collections on the Receivables 294,253,749.13
Finance Charge Collections on the Receivables 26,782,993.71
Receivables in Defaulted Accounts 13,365,931.35
End of Month - Aggregate Principal Receivables 1,736,341,097.12
Investor Interest Series 1998-1 382,000,000.00
Investor Interest Series 2002-1 VFC 450,000,000.00
Investor Interest Series 2002-2 VFC 400,000,000.00
Seller Principal Receivables 504,341,097.12
Investor Interest Series 2002-2 VFC 400,000,000.00
Class A Investor Interest 348,000,000.00
Class B Collateral Interest 22,000,000.00
Class C/D Collateral Interest 30,000,000.00
Total Investor Percentage with respect to...
Finance Charges 23.0369483%
Charged-Off Accounts 23.0369483%
Principal Receivables 23.0369483%
Class A Percentage with respect to...
Finance Charges 20.0421450%
Charged-Off Accounts 20.0421450%
Principal Receivables 20.0421450%
Class B Percentage with respect to...
Finance Charges 1.2670322%
Charged-Off Accounts 1.2670322%
Principal Receivables 1.2670322%
Class C/D Interest Percentage with respect to...
Finance Charges 1.7277711%
Charged-Off Accounts 1.7277711%
Principal Receivables 1.7277711%
Seller Percentage with respect to...
Finance Charges 29.0461994%
Charged-Off Accounts 29.0461994%
Principal Receivables 28.0095367%
Discount Option Exercised N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,765,042.23
Class A Monthly Interest 847,955.53
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) 657,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 2,987,938.05
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 1,271,815.31
Class A Required Amount 0.00
Class B Available Finance Charge Collections 364,456.70
Class B Monthly Interest (plus accrued and unpaid)
(See "Calculation of Certificate Interest" #4) 87,022.22
Unpaid Class B Monthly Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 41,555.56
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 188,892.64
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 46,986.28
Class B Required Amount 0.00
Class C/D Available Finance Charge Collections 496,986.40
Class C Monthly Interest (plus accrued and unpaid) 73,866.67
Unpaid Class C Monthly Interest 0.00
Class C/D Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 56,666.67
Unpaid Class C/D Interest Monthly Servicing Fee 0.00
Excess Spread from Class C/D Available Funds 366,453.06
Class C/D Required Amount 0.00
Total Excess Spread 1,685,254.65
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 Collateral Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid Class A Monthly Interest 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid Class A Rated Additional Amount 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class C/D Collateral Interest used to satisfy
remaining unpaid unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Collateral Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Collateral Interest used to satisfy
remaining unpaid Class A Monthly Interest 0.00
Reallocated Class B Collateral Interest used to satisfy
remaining unpaid Class A Rated Additional Amount 0.00
Reallocated Class B Collateral Interest used to satisfy
remaining unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Collateral Interest used to satisfy
remaining unpaid Class A Investor Default Amount 0.00
Reallocated Class B Collateral 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 257,580.87
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) 1,427,673.78
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 4.28%
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 76,139,324.81
Available Investor Principal Collections plus Draws from
Shared Principal Collections 76,139,324.81
Available Investor Principal Collections plus Draws plus
Additional Funds from Seller for Optional Amortization 76,139,324.81
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) 76,139,324.81
(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 847,955.53
Total Distribution to Class A Investors per $1,000
Invested 2.44
Total Distribution to Class B Collateral Interest Holders 87,022.22
Total Distribution to Class B Collateral Interest Holders
per $1,000 Invested 3.96
Total Distribution to Class C/D Collateral Interest Holders 73,866.67
Total Distribution to Class C/D Collateral Interest Holders
per $1,000 Invested 2.46
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 847,955.53
Previous Month's Class A Deficiency Amount 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Interest 847,955.53
Total Class A Interest Distributable to Class A
Certificateholders 847,955.53
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 2.44
Class B Collateral Interest Rate 3.56%
Class B Cap Rate 10.00%
Previous Month's Class B Deficiency Amount 0.00
Class B Collateral Interest at the Certificate Rate on
Deficiency Amount 0.00
Class B Collateral Interest Shortfall 0.00
Class B Monthly Interest 87,022.22
Total Class B Collateral Interest Distributable to Class B
Interest holders 87,022.22
Total Class B Collateral Interest Distributable per $1,000
of Class B Original Investment 3.96
Total Certificate Interest Distributable to Class A and
Class B Collateral Interest holders 934,977.75
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and B 2.53
Class C Interest Rate 8.31%
Previous Month's Class C Deficiency Amount 0.00
Class C Monthly Interest at the Certificate Rate on
Deficiency Amount 0.00
Class C Collatearl Interest Shortfall 0.00
Class C Monthly Interest 73,866.67
Total Class C Monthly Interest Distributable to Class C/D
Collateral Interest holders 73,866.67
Total Class C Monthly Interest Distributable per $1,000 of
Class C/D Collateral Interest 2.46
Total Monthly Interest Distributable to Class A, B
and C/D Collateral Interest holders 1,008,844.42
Total Monthly Interest Distributable per $1,000 of
Original Investment to Class A, B and C/D 2.52
5. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Investor Interest 348,000,000.00
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 348,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Collateral Interest 22,000,000.00
Class B Monthly Principal 0.00
Reallocated Class B Collateral Interest this period 0.00
Cumulative Unreimbursed Class B Charge Offs 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Collateral 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 Interest
Holders 0.00
Ending Class B Collateral Interest 22,000,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 76,139,324.81
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 400,000,000.00
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 348,000,000.00
Beginning Class B Collateral Interest 22,000,000.00
Beginning C/D Collateral Interest 30,000,000.00
Class A Monthly Servicing Fee 657,333.33
Class B Monthly Servicing Fee 41,555.56
Class C/D Monthly Servicing Fee 56,666.67
Total Monthly Servicing Fee 755,555.56
8. Class C/D Collateral Interest Amount Activity
Beginning Class C/D 30,000,000.00
Class C/D Monthly Principal 0.00
Reallocated Class C/D Collateral Interest this period 0.00
Cumulative Reallocated Class C/D Investor Interest 0.00
Previously Reallocated Class C/D Collateral 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
Collateral Interest holders 0.00
Ending Class C/D Collateral Interest 30,000,000.00
Class C/D Monthly Principal Payable per $1,000 of
Original Investment 0.00
Ending Class C Collateral Interest 8,000,000.00
Ending Class D Collateral Interest 22,000,000.00
Class C/D Default Amount this period 257,580.87
Ratio of Class C/D Collateral Interest to Investor Interest 7.50%
Class C Default Amount this period 68,688.23
Ratio of Class C Collateral Interest to Investor Interest 2.00%
9. Past Due Statistics
(past due on a contractual basis)
1-29 days past due Dollars 63,281,018.64
Percent Dollars 3.64%
Number of Accts 16,484
Percent Number of Accts 0.84%
30-59 days past due Dollars 25,516,564.16
Percent Dollars 1.47%
Number of Accts 5,455
Percent Number of Accts 0.28%
60-89 days past due Dollars 20,196,524.87
Percent Dollars 1.16%
Number of Accts 3,882
Percent Number of Accts 0.20%
90-119 days past due Dollars 16,950,204.60
Percent Dollars 0.98%
Number of Accts 3,154
Percent Number of Accts 0.16%
120-149 days past due Dollars 14,137,247.37
Percent Dollars 0.81%
Number of Accts 2,535
Percent Number of Accts 0.13%
150+ days past due Dollars 14,708,012.52
Percent Dollars 0.85%
Number of Accts 2,496
Percent Number of Accts 0.13%
10. Base Rate Calculation
Gross Yield 17.97%
Percentage on Defaulted Accounts 9.09%
Portfolio Yield (net of losses) 8.88%
Base Rate 4.27%
Excess of Portfolio over Base Rate 4.61%
Portfolio Adjusted Yield 4.15%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Expired Removed Accounts 66,019
Number of Removed Accounts 0
Number of Automatic Additional Accounts 8
Ending Number of Accounts 1,973,498
12. Financial Convenants
Is the conolidated tangible net worth of People's Bank and
its subsidiaries as a % of total assets >=4.75% Y
Ratio of loan loss reserves to non-performing loans (both
accruing and non-accruing loans 90 days past-due) 271.80%
Minimum consolidated tangible net worth of People's Bank
and its subsidiaries 825,658,757
Servicer's Report Footnote:
The information contained in this report begins with the Closing Date. The
total number of days of this initial period is 40. The Beginning of the
Month Aggregate Principal Receivables reported is as of the beginning of the
day on the Closing Date. Principal Collections on the Receivables, Finance
Charge Collections on the Receivables, and the Receivables in the Defaulted
Accounts on the first page of the report are the total Trust amounts
collected in the month of October. The amounts collected in September were
$279,671,768.44, $28, 027,998.81 and $15,261,904.91, respectively.
MONTHLY PAYMENT CERTIFICATE
PEOPLE'S BANK CREDIT CARD MASTER TRUST
SERIES 2002-2 VFC
For the Period from the Closing Date to October 31, 2002
A. Class C Collateral Interest
1. Class C Investor Principal Balance $8,000,000.00
2. Required Class C/D Collateral Interest $30,000,000.00
3. Class C/D Collateral Interest $30,000,000.00
4. Class D Collateral Interest $22,000,000.00
5. Class C Investor Charge-offs $0.00
6. Class C/D Collateral Floating Allocation 1.6742992%
7. Class C/D Monthly Principal $0.00
B. Available Funds
1. Available Non-Principal Funds:
a. Amounts available pursuant to subsection 4.6(d)(vi),
4.6(d)(xii), 4.6(g)of the Series 2002-2 VFC
Supplement $1,501,540.45
b. Amounts available pursuant to subsection 4.6(g)
of the Series 2002-2 VFC Supplement $0.00
c. Amounts available pursuant to subsection 4.9(d) and
4.9(e) of the Series 2002-2 VFC Supplement
(Reserve Account Surplus) $0.00
Total $1,501,540.45
2. Available Principal Funds:
a. Amounts available pursuant to subsection 4.8 and
4.6 of the Series 2002-2 VFC Supplement
(Class C/D Monthly Principal) $0.00
Total $0.00
C. Application of Available Non-Principal Funds and Available
Principal Funds
1. Application of Available Non-Principal Funds:
a. Interest to Class C Investors 2.10(a) $73,866.67
b. Fees, expenses and other amounts 2.10(a)(i) $0.00
Remaining Funds to Holder of Class D Collateral
Interest 2.10(a)(iii) $1,427,673.78
2. Application of Available Principal Funds:
a. Reduce Class C Investor Principal Balance 2.10(b) $0.00
Remaining Funds to Holder of CA Residual
Interest 2.10(c) $0.00
D. Class D Collateral Amount $22,000,000.00
E. Amounts distributed pursuant to subsections 4.6(d)(i)
and 4.6(d)(ii) $0.00
IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed
and delivered by its duly authorized officer this 8th day of November, 2002.
By : /s/Lisa A. Brooks
Name: Lisa A. Brooks
Title: Vice President