UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
   Cuneo, Ngaire E.
   11825 North Pennsylvania Street
   Carmel, IN  46032
   USA
2. Issuer Name and Ticker or Trading Symbol
   NAL Financial Group, Inc.
   NALF
3. IRS or Social Security Number of Reporting Person (Voluntary)
   
4. Statement for Month/Year
   August 31, 1997
5. If Amendment, Date of Original (Month/Year)
   September 10, 1997
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   (X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
   (specify below)
   Executive Vice President, Corporate Development
7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person


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 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
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1. Title of Security       |2.    |3.    |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect       |
                           | Transaction |  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership     |
                           |      |      |                                  |  Beneficially     |(D)or |                           |
                           |      |    | |                  | A/|           |  Owned at         |Indir |                           |
                           | Date |Code|V|    Amount        | D |    Price  |  End of Month     |ect(I)|                           |
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 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
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1.Title of Derivative |2.Con-  |3.   |4.    |5.Number of De |6.Date Exer|7.Title and Amount  |8.Price|9.Number    |10.|11.Nature of|
  Security            |version |Transaction | rivative Secu |cisable and|  of Underlying     |of Deri|of Deriva   |Dir|Indirect    |
                      |or Exer |     |      | rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                      |cise    |     |      | red(A) or Dis |Date(Month/|                    |Secu   |Securities  |(D)|Ownership   |
                      |Price of|     |      | posed of(D)   |Day/Year)  |                    |rity   |Benefi      |or |            |
                      |Deriva- |     |      |               |Date |Expir|                    |       |ficially    |Ind|            |
                      |tive    |     |      |           | A/|Exer-|ation|   Title and Number |       |Owned at    |ire|            |
                      |Secu-   |     |    | |           | D |cisa-|Date |   of Shares        |       |End of      |ct |            |
                      |rity    |Date |Code|V|  Amount   |   |ble  |     |                    |       |Month       |(I)|            |
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9% Subordinated Conver|$.32    |8/22/|P(1)| |$5,000,000 |A  |(2)  |(2)  |Common Stock|15,740,|       |$5,000,000  |I  |Officer and |
tible Debentures      |        |97(1)|    | |           |   |     |     |            |581    |       |            |   |Director of |
                      |        |     |    | |           |   |     |     |            |       |       |            |   |Owner       |
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9% Subordinated Conver|$.30    |8/22/|P(1)| |$6,013,694 |A  |(2)  |(2)  |Common Stock|23,067,|       |$6,013,694  |I  |Officer and |
tible Debentures      |        |97(1)|    | |           |   |     |     |            |793    |       |            |   |Director of |
                      |        |     |    | |           |   |     |     |            |       |       |            |   |Owner       |
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                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
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Explanation of Responses:
(1)  Conseco entered into an agreement dated August 22, 1997 with the holders 
of the debentures in which 
Conseco agrees to purchase these debentures.  The closing of such purchase will 
occur within 60 days of August 
22, 
1997.
(2)  Upon closing of the purchase of the debentures.  Conseco has agreed to 
exercise its conversion rights 
immediately after the 
closing.
SIGNATURE OF REPORTING PERSON
/s/ Richard R. Dykhouse, Attorney-In-Fact
DATE
September 19, 1997