Official Rules
The contest will begin June 1, 2010 and end November 30, 2010. The winner will be announced on December 15, 2010.
Eligibility Requirements - To be eligible for the Financial Health Challenge, you and your family:
1. Must be a citizen(s) or legal resident(s) of the United States.
2. Must demonstrate a need for a money makeover and a willingness to significantly improve your financial situation. For example: reduce debt to create a savings plan or create a savings plan for retirement, tuition, home down payment, etc.
3. Must be willing to work closely with a UHSCU Financial Coaching Team for the duration of the challenge, ending 11/30/10.
4. Must be willing to reveal and share financial situation with the public as well as make weekly blog posts about the challenge.
5. Must be comfortable being interviewed for print and electronic media discussing participation in Financial Health Challenge.
6. Must be willing to submit a photo or video story with the application.
7. If selected as a participant in the Financial Health Challenge you must execute all waivers and release agreements required by UHSCU.
Consents and Agreements - Any and all materials sent to UHSCU in support of your application will be retained by UHSCU, and will become the property of UHSCU and will not be returned to you regardless of whether or not you are selected as a contestant. Any expenses you incur during the application process, including postage and materials preparation are your responsibility. UHSCU will not reimburse you for these expenses. Only one application per individual or family is permitted. All decisions of UHSCU are final, absolute and not subject to inquiry.
Criteria for judging the contestants:
40% will be judged on the reduction of debt, excluding mortgages
* At the start of the contest, a debt to income ratio will be established using the contestants’ 2009 W2 forms.
* At the end of the contest, a new debt to income ratio will be determined to indicate the percentage of debt the contestant reduced during the contest.
40% will be judged on increase in savings
* At the start of the contest, the contestants’ current ratio of verified savings to annual income will be determined using the contestants’ W2 forms.
* At the end of the contest, a new ratio will be calculated to determine the contestants’ increase in savings during the contest.
* Any inheritance, family gift, or gambling proceeds will be excluded from the contestants’ savings calculation.
20% will be judged on the contestant’s participation
* Meeting with their coach
* Being available for TV interviews
* Weekly blogging
Contestants will be required to fill out a financial statement and provide W2 forms, bank statements and account statements. Contestants will be disqualified if it is determined any of their information is fraudulent.
All persons applying for the Financial Health Challenge must agree to allow United Health Services Credit Union to obtain their credit report.
Those chosen as contestants will be required to join United Health Services Credit Union. The $5 member share will be provided by the Credit Union.
Eligibility Requirements - To be eligible for the Financial Health Challenge, you and your family:
1. Must be a citizen(s) or legal resident(s) of the United States.
2. Must demonstrate a need for a money makeover and a willingness to significantly improve your financial situation. For example: reduce debt to create a savings plan or create a savings plan for retirement, tuition, home down payment, etc.
3. Must be willing to work closely with a UHSCU Financial Coaching Team for the duration of the challenge, ending 11/30/10.
4. Must be willing to reveal and share financial situation with the public as well as make weekly blog posts about the challenge.
5. Must be comfortable being interviewed for print and electronic media discussing participation in Financial Health Challenge.
6. Must be willing to submit a photo or video story with the application.
7. If selected as a participant in the Financial Health Challenge you must execute all waivers and release agreements required by UHSCU.
Consents and Agreements - Any and all materials sent to UHSCU in support of your application will be retained by UHSCU, and will become the property of UHSCU and will not be returned to you regardless of whether or not you are selected as a contestant. Any expenses you incur during the application process, including postage and materials preparation are your responsibility. UHSCU will not reimburse you for these expenses. Only one application per individual or family is permitted. All decisions of UHSCU are final, absolute and not subject to inquiry.
Criteria for judging the contestants:
40% will be judged on the reduction of debt, excluding mortgages
* At the start of the contest, a debt to income ratio will be established using the contestants’ 2009 W2 forms.
* At the end of the contest, a new debt to income ratio will be determined to indicate the percentage of debt the contestant reduced during the contest.
40% will be judged on increase in savings
* At the start of the contest, the contestants’ current ratio of verified savings to annual income will be determined using the contestants’ W2 forms.
* At the end of the contest, a new ratio will be calculated to determine the contestants’ increase in savings during the contest.
* Any inheritance, family gift, or gambling proceeds will be excluded from the contestants’ savings calculation.
20% will be judged on the contestant’s participation
* Meeting with their coach
* Being available for TV interviews
* Weekly blogging
Contestants will be required to fill out a financial statement and provide W2 forms, bank statements and account statements. Contestants will be disqualified if it is determined any of their information is fraudulent.
All persons applying for the Financial Health Challenge must agree to allow United Health Services Credit Union to obtain their credit report.
Those chosen as contestants will be required to join United Health Services Credit Union. The $5 member share will be provided by the Credit Union.
