EXHIBIT 10.7

Below is the form of the Employment Severance Agreement entered into between the
Company and the persons listed below, including the dates of the agreements, and
the number of months of severance compensation under item 4.2:
<TABLE>
<CAPTION>
         Individual                 Date of Agreement         Months of Severance Protection
         ----------                 -----------------         ------------------------------
<S>                                       <C>                          <C>
         H. Kim Bullard             April 7, 2000                      12 months
         William E. Long, Jr.       April 6, 2000                      12 months
         Kevin J. Mast              April 6, 2000                      24 months
         Karen A. Miller            April 6, 2000                      12 months
         Laird Minor                April 7, 2000                      12 months
</TABLE>
                         EMPLOYMENT SEVERANCE AGREEMENT

         THIS EMPLOYMENT SEVERANCE AGREEMENT is entered into by and between
HomeGold Financial, Inc., a South Carolina corporation, and all of its
subsidiaries and affiliates (collectively, the "Corporation") and ___________
(the "Executive"), this ____ day of April, 2000.

         The Board of Directors of the Corporation has determined that it is in
the best interests of the Corporation and its stockholders to aid in the
competitive employment and retention of key executives and to diminish the
distraction of its executives and assure that the Corporation will have the
continued dedication of its executives notwithstanding the possibility, threat
or occurrence of a change in control.

         In order to accomplish these objectives, the Board of Directors has
authorized the Corporation to enter into this Employment Severance Agreement
(the "Agreement") with the Executive.

1.       COVERAGE

         1.1     This Agreement provides for the payment of severance
                 compensation to the Executive if his or her employment is
                 terminated in any manner which is other than a Termination for
                 Cause, a Voluntary Termination, or the retirement, death, or
                 disability of the Executive.

         1.2      This Agreement also provides for the payment of severance
                  compensation to the Executive if the Executive's resignation
                  is based upon:

                  (a) a substantial reduction in responsibility, or authority of
                  Executive without consent of the Executive; or

                  (b) a relocation of Executive's services to a location which
                  is a more than 35 miles from the location where Executive was
                  primarily employed immediately preceding the effective date of
                  this Agreement without the written consent of the Executive;
                  or

(c)      any reduction in an Executive's Base Salary in excess of ten percent;

                  none of which shall be deemed a Voluntary Termination.

2.       DEFINITIONS

         2.1      "Base Salary" means the base rate of compensation paid to the
                  Executive immediately preceding the month during which the
                  Date of Termination occurs, without regard to bonus or
                  incentive

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<PAGE>

                  payments, relocation or other allowances or payments under any
                  benefit plan or perquisites of any nature.

         2.2      "Corporation" means HomeGold Financial, Inc. and its
                  subsidiaries and affiliated companies.

         2.3      "Date of Termination" means the last date on which the
                  Executive is actively employed by the Corporation.

         2.4      "Executive" means the officer whose name appears the recital
                  of this Agreement.

         2.5      "Termination for Cause" means:

                  (a) in the judgment of management of the Corporation,
                  continuing and habitual failure to perform the material duties
                  of the Executive or willful breach in material respects of the
                  obligations of Executive to the Corporation, either of which
                  cause significant harm to the Corporation;

                  (b) in the judgment of management of the Corporation, an act
                  of willful misconduct or gross negligence in the performance
                  of an Executive's material duties or obligations to the
                  Corporation, except in the event of Executive's disability,
                  causing significant harm to the Corporation; or

                  (c) in the judgment of management of the Corporation, an act
                  of dishonesty or breach of trust on the part of an Executive
                  resulting or intended to result directly or indirectly in
                  personal gain or enrichment at the expense of the Corporation;
                  or

                  (d) failure to be acquitted of any criminal offense or acts:
                  (i) constituting a felony under the laws of the United States
                  of America or any state thereof; or (ii) involving dishonesty
                  or a breach of trust.

         2.6      "Voluntary Termination" means any termination not by the
                  Corporation, except a resignation based upon the circumstances
                  described in subparagraph 1.2 above.

3.       EMPLOYMENT

         3.1      So long as Corporation employs Executive, said employment
                  shall be "at will."

         3.2      Nothing in this Agreement will limit the Executive's
                  continuing or future participation during his or her
                  employment in any benefit, bonus, incentive or other plans
                  provided by the Corporation.


4.       SEVERANCE COMPENSATION AND BENEFITS

         4.1      The Executive whose employment is terminated under
                  circumstances covered by Paragraph I above shall be paid by
                  the Corporation severance compensation in cash in a lump sum
                  within Thirty (30) days following the Date of Termination.

         4.2      The Executive whose employment is terminated under
                  circumstances covered by Paragraph I above shall receive
                  severance compensation in the amount of ___________ months of
                  Base Salary, plus payment of any bonus or incentive pay earned
                  and due in accordance with any applicable plan or policy of
                  the Corporation.

         4.3      The Executive shall not be obligated to seek other employment
                  in mitigation of the severance compensation payable under this
                  Agreement and any subsequent employment, if obtained, shall
                  not in any manner effect the payments to be made hereunder.

         4.4      The Executive and his or her family will continue to be
                  covered under Corporation's medical insurance policy for
                  twelve (12) months following termination under circumstances
                  covered by Paragraph 1 above.

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<PAGE>
         4.5      Upon termination under circumstance covered by paragraph 1
                  above, all stock options held by Executive to purchase the
                  Company's stock shall be exercisable for the period of twelve
                  (12) months following termination of Executive's employment.

         4.6      Payment of any benefits (other than severance compensation)
                  under any other benefit plan of the Corporation shall be made
                  in accordance with the terms of such plan.

         4.7      The Corporation may withhold from any amounts payable under
                  this Agreement such federal, state and local taxes as shall be
                  required pursuant to applicable laws or regulations.

5.       ENFORCEMENT

                 The prevailing party shall be entitled to recover from the
                 non-prevailing party all legal fees and expenses of the
                 prevailing party in the event there is a disagreement between
                 the parties hereto concerning the validity or enforceability
                 of, or any determination under, this Agreement.

6.       OUTPLACEMENT

                  The Executive terminated under circumstances covered by
                  Paragraph I herein shall, at the request of Executive, receive
                  outplacement services for three months with Right Associates
                  or a comparable agency, at the cost of the Corporation.

7.       SUCCESSORS, ASSIGNMENT AND ASSUMPTION

         7.1      The Executive may not assign the benefits provided by this
                  Agreement. Notwithstanding the foregoing, the benefits
                  provided herein may be enforced by an Executive's heirs or
                  legal representatives.

         7.2      The Corporation shall require any successor (whether direct or
                  indirect, by purchase, merger, consolidation or otherwise) to
                  all or substantially all of the business and/or assets of the
                  Corporation to expressly assume this Agreement and provide the
                  benefits hereunder in the same manner and to the same extent
                  that the Corporation would be required to perform as if no
                  such succession had taken place. As used in this Agreement,
                  "Corporation" shall mean the Corporation as defined above and
                  any successor to its business and/or assets as aforesaid which
                  assumes and agrees to perform this Agreement by operation of
                  law, or otherwise.

8.       MISCELLANEOUS

         8.1      If the Corporation does not breach any material term of this
                  Agreement, receipt by Executive of all severance compensation
                  hereunder shall operate as a general release of Corporation
                  for any claim of wrongful discharge and/or discrimination.

         8.2      If the Corporation does not breach any material term of this
                  Agreement, Executive commits not to: (a) disparage the
                  Corporation to any third parties, (b) disclose confidential
                  information concerning the Corporation to third parties,
                  and/or (c) solicit the Corporation's employees or customers
                  for a period of two years.

         8.3      This Agreement shall be governed by and construed in
                  accordance with the laws of the State of South Carolina.

         8.4      This Agreement contains the entire agreement of the parties
                  and may not be amended or modified except by further written
                  agreement executed by the parties hereto.

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<PAGE>

         8.5      The invalidity or non-enforceability of any provision of this
                  Agreement shall not affect the validity or enforceability of
                  any other provision of this Agreement and this Agreement shall
                  be construed in all respects as if such invalid or
                  unenforceable provision were omitted.

         8.6     The Executive's failure to insist on the strict compliance with
                 or performance of any provision of this Agreement shall not be
                 deemed to be a waiver of that provision or any other provision
                 of this Agreement.

         8.7     All notices, consents, waivers or communications which are
                 required or permitted hereunder shall be sufficient if given in
                 writing and delivered personally or by registered or certified
                 mail, return receipt requested, postage prepaid, as follows (or
                 to such other addressee or address as shall be set forth in a
                 notice given in the same manner):


If to the Corporation:

         HomeGold Financial, Inc.
         3901 Pelham Rd.
         Greenville, SC  29615
         Attn:    Chief Executive Officer

If to Executive:

         _______________________
         _______________________
         _______________________

All such notices shall be deemed to have been given when delivered or mailed in
the manner provided above.


IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date
first above written.


HomeGold Financial, Inc.                             Executive

By: ____________________                             Signature: ________________

Name: John M. Sterling, Jr.                           Name: ____________________

Title:  Chairman and Chief Executive Officer



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