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FLR(M) Financial Requirement Calculation Help!!

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ConfusedOtter
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FLR(M) Financial Requirement Calculation Help!!

Post by ConfusedOtter » Wed Mar 29, 2017 11:04 pm

Hello, I was wondering if somebody could help me and correct me if I'm wrong with my calculations.

I'm a student, as is my wife, and I've been on part time employment / variable employment for the past few months, as has she. We previously interned during our summer holidays and were paid a full time wage during this time.

I'm looking at following category B and I have a few questions regarding this, firstly can our salaries in the past 12 months combine to reach the 18,600?

My calculations are as follows:

Requirement 1:
- We have an 6 month saving combination of 41,600, which would give us the possibility to combine £10240 to our 6 month income calculation meaning the 6 month requirement is £8360.
- I have been paid £3000 in the past 6 months from my part time job and I am about to be paid £1500 from some contractual work, which would make my income for the past 6 months equal to ((3000 + 1500) / 6) * 12 = 9000, which passes the requirement set from my savings.

Requirement 2:
- Our salaries within the past 12 months combine to meet the 18,600 (2nd requirement)

Does everything seem correct here or am I misunderstanding the requirements and what you're able to combine?

Thanks

ConfusedOtter
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Re: FLR(M) Financial Requirement Calculation Help!!

Post by ConfusedOtter » Thu Mar 30, 2017 11:43 am

Also,am i correct in thinking that Category B covers part time/varying work? Ie my wife works for the university occasionally when events are ran.

ConfusedOtter
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Re: FLR(M) Financial Requirement Calculation Help!!

Post by ConfusedOtter » Thu Mar 30, 2017 7:22 pm

Bump

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seagul
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Re: FLR(M) Financial Requirement Calculation Help!!

Post by seagul » Thu Mar 30, 2017 9:38 pm

Your understanding is correct regarding category B where a non-salaried person (variable wages) is working for an employer for less than 6 months. But you & your partner are working for same employer for the last 6 months then why not opt category A instead B. Otherwise category B for which you have understanding is correct.
The opinion expressed as above is neither a professional advice nor contesting/competing to other member's opinion/advice.

ConfusedOtter
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Re: FLR(M) Financial Requirement Calculation Help!!

Post by ConfusedOtter » Sat Apr 01, 2017 12:37 pm

Hi, we haven't both been employed by the same employer for the past 6 months. We've recently starting working for the university we attend when they host events.

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