Money Hungry: Give VH1 $10K, lose weight & win back your money by: Nikky Raney

Money Hungry on VH1 is a new type of reality weight loss show where 10 pairs of overweight people paid $10,000 of their own money in hopes to lose weight and gain $100,000.

Out of the 10 pairs only one pair will win $100,000 but two of the other pairs will win back their $10,000. That means that for seven unlucky pairs they will lose weight, and the $10,000. Each team gave stories on how they were able to raise the money: selling cars, fundraisers, loans and other actions were taken in order for each pair to raise the money.

Every week one of the ten teams will be sent home. Each week the teams are all weighed at the beginning and then weighed at the end. The amount of pounds lost is not what matters most, but the measure of how much body fat is lost. The team with the lowest percentage of body fat lost will go home and kiss their $10,000 good-bye.

The first episode showed the contestants partying their first night. One of the contestants that will stick out through the season is Philip - who on the first night downed two bottles of wine and found himself naked in the pool.

Each pair gave themselves a team name. The ten teams consist of:

Team Fabulous: Philip & Stephanie

Team Roll Models: Shante & Jamie

Team No Excuses: Melissa & Josh

Team Chicago Deep Dish: Marilu & Bridget

Team Mission Slimpossible: Mark & Joe

Team Slenderellas: Kaitlin & Jackie

Team A Pair Of Nuts: Yamil & Johnny

Team Grading Curves: Missy & Tricia

Team Regulators: Po & Dave

Team Double Chocolate: Georgette & Tammy

Team Family Sized: Denise & Katie

Team Rocker Moms: Beth & Carrie

Tune in Thursday, August 5 at 5 p.m ET/PT to watch Money Hungry and see who works out the hardest and who ends up saying good-bye.

(Photo courtesy of VH1)