	MONTHLY PAYMENT STATEMENT TO NOTEHOLDERS

	HSBC Home Equity Loan Trust 2005-1

	Payment Number	1
	Beginning Date of Collection Period	06-Jun-05
	End Date of Collection Period	30-Jun-05
	Payment Date	20-Jul-05
	Previous Payment Date	n/a


	Funds Disbursement
	Collected Funds	42,178,041.02
	Available Payment Amount	42,178,041.02
	Principal Collections	36,127,300.18
	Net Interest Collections	6,050,740.84
	Principal recoveries	0.00
	Servicing fee	401,313.30
	Skip-A-Pay Advance	0.00
	Skip-A-Pay Reimbursement Amount	0.00

	Disbursements	42,178,041.02
	Interest Paid to Notes	1,966,291.62
	Principal Paid to Notes	36,130,379.00
	Ownership Interest - pursuant to Section 5.01 (a) (xiii)	3,680,057.10
	Servicing Fee (to Master Servicer )	401,313.30

	Pool Balance
	Beginning Pool Balance	1,155,782,290.79
	Principal Collections (including repurchases)	36,127,300.18
	Additional Principal Reduction Amount	0.00
	Ending Pool Balance	1,119,654,990.61

	Collateral Performance
	Cash yield (% of beginning balance, annualized)	7.54%
	Loss rate (net of principal recoveries; % of beginning balance)	0.00%
	Net yield	7.54%
	Realized Losses	-
	Cumulative Realized Losses	-
	Cumulative Loss Percentage	0.00%
	Delinquent Loans:
	One payment principal balance of loans	288,898.14
	One payment number of loans	2
	Two payments principal balance of loans	0.00
	Two payments number of loans	-
	Three-payments plus principal balance of loans	0.00
	Three-payments plus number of loans	-
	Two Payment-Plus Delinquency Percentage (for related Collection Period)	-
	Two Payment-Plus Rolling Average (for such Payment Date)	-

	Home Equity Loan Detail
	Number of loans purchased or susbstituted pursuant to Section 2.02	-
	Principal balance of loans purchased or susbstituted pursuant to Section 2.02	-
	Number of loans purchased or susbstituted pursuant to Section 2.04	-
	Principal balance of loans purchased or susbstituted pursuant to Section 2.04	-
	Number of loans purchased or susbstituted pursuant to Section 3.01	-
	Principal balance of loans purchased or susbstituted pursuant to Section 3.01	-
	Substitution Adjustment Amounts	-

	Number outstanding beginning of period	9,102
	Number outstanding end of period	8,832
	Principal balance of all REO as of the end of the Collection Period	-
	Number of loans that went into REO during the Collection Period	-
	Principal balance of loans that went into REO during the Collection Period	0.00
	Unpaid Servicing Fee from previous Collection Periods


	Overcollateralization
	Begin OC Amount	236,932,290.79
	OC Release Amount	-
	Extra Principal Payment Amount	3,078.82
	Class A Extra Principal Payment Amount Paid	2,400.80
	Class M Extra Principal Payment Amount Paid	678.02
	End OC Amount	236,935,369.61

	Target OC Amount	236,935,369.61
	Interim OC Amount	236,932,290.79
	Interim OC Deficiency	3,078.82

	Monthly Excess Cashflow	3,683,135.92
	Principal Payment Amount	36,127,300.18
	Class A Principal Payment Amount	28,171,312.60
	Class M Principal Payment Amount	7,955,987.58
	Principal Collections	36,127,300.18
	OC Release Amount	-


	Other
	Stepdown	No
	Trigger Event	No
	Master Servicer Termination Event	No
	Event of Default	No
	Total Note Principal Amount divided by Total Original Note Principal Amount	96.07%
	EOP Note Principal Amount divided by Original Note Principal Amount <15%	No

	Interest Calculations
	1 month LIBOR	3.32563%
	Class A Formula Rate (1-mo. Libor plus 29 bps)	3.61563%
	Class A Note Rate	3.61563%
	Class M Formula Rate (1-mo. Libor plus 53 bps)	3.85563%
	Class M Note Rate	3.85563%
	Available Funds Cap	10.94200%


	Class A Noteholder's Statement
	A. Information on Payments
	1. Total Payments per $1,000	41.430420
	2. Principal Payment per $1,000	39.321303
	3. Interest Payment per $1,000	2.109118

	B. Calculation of Class A Interest Due & Paid
	1. Class A Note Rate	3.61563%
	2. Days in Accrual Period	21

	3. Class A Interest Due	1,511,182.69
	4. Class A Interest Paid	1,511,182.69
	5. Class A Interest Carry Forward Amount Paid	-
	6. Class A Supplemental Interest Amount Paid	-

	7. Class A Unpaid Interest Carry Forward Amount, EOP	-
	8. Class A Unpaid Supplemental Interest Amount, EOP	-

	C. Calculation of Class A Principal Due & Paid
	1. Class A Note Principal Amount, BOP	716,500,000.00
	2. Class A Principal Due	28,173,713.40
	3. Class A Principal Paid	28,173,713.40
	5. Class A Principal Carry Forward Amount Paid	-
	6. Class A unpaid Principal Carry Forward Amount	-
	7. Class A Note Principal Amount, EOP	688,326,286.60

	8. Class A Note Principal Amount as a % of Original Class A Note Principal Amount, EOP
	9. Class A Note Principal Amount as a % of the Pool Balance, EOP	0.6147664



	Class M Noteholder's Statement
	A. Information on Payments
	1. Total Payments per $1,000	41.570420
	2. Principal Payment per $1,000	39.321303
	3. Interest Payment per $1,000	2.249118

	B. Calculation of Class M Interest Due & Paid
	1. Class M Note Rate	3.85563%
	2. Days in Accrual Period	21

	3. Class M Interest Due	455,108.93
	4. Class M Interest Paid	455,108.93
	5. Class M Interest Carry Forward Amount Paid	-
	6. Class M Supplemental Interest Amount Paid	-

	7. Class M Unpaid Interest Carry Forward Amount, EOP	-
	8. Class M Unpaid Supplemental Interest Amount, EOP	-

	C. Calculation of Class M Principal Due & Paid
	1. Class M Note Principal Amount, BOP	202,350,000.00
	2. Class M Principal Due	7,956,665.60
	3. Class M Principal Paid	7,956,665.60
	4. Class M Principal Carry Forward Amount Paid	-
	5. Class M Unpaid Principal Carry Forward Amount	-
	6. Class M Note Principal Amount, EOP	194,393,334.40

	7. Class M Note Principal Amount as a % of Original Class M Note Principal Amount, EOP
	8. Class M Note Principal Amount as a % of the Pool Balance, EOP	0.1736190






	HSBC FINANCE CORPORATION
	HSBC HOME EQUITY LOAN TRUST 2005-1

The undersigned, a duly authorized representative of HSBC Finance Corporation,
as Servicer (the "Master Servicer"), pursuant to a Sales and Servicing Agreement
dated as of June 29, 2005 (the "Sales and Servicing Agreement"), by and among
HSBC Home Equity Loan Corporation I, as Depositor, the Master Servicer,
JPMorgan Chase Bank, N.A., as Indenture Trustee, HSBC Bank USA, National
Association, as Administrator, and HSBC Home Equity Loan Trust 2005-1, the
Trust, does hereby certify with respect to the information set forth below as follows:

1	Capitalized terms used in this Servicing Certificate shall have the respective
	meanings set forth in the Sales and Servicing Agreement.

2	HSBC Finance Corporation is, as of the date hereof, the Master
	Servicer under the Sales and Servicing Agreement.

3	The undersigned is a Servicing Officer.

4	This Certificate relates to the Payment Date occurring on July 20, 2005

5	As of the date hereof, to the best knowledge of the undersigned, the Master
	Servicer has performed in all material respects all its obligations under the
	Sales and Servicing Agreement through the Collection Period preceding such
	Payment Date and that, except as may be noted on the Servicing Certificate
	related to a Trigger Event, no Master Servicer Termination has occurred
	since the prior Determination Date.

6	As of the date hereof, to the best knowledge of the undersigned, no
	Event of Default has been deemed to have occurred on or prior to
	such Payment Date.


IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate the 17th day of July, 2005.

HSBC FINANCE CORPORATION
as Master Servicer


By: /s/ J. A. Bevacqua
Title: Servicing Officer

HSBC Home Equity Loan Trust 2005-1 8-K