Sponsoring wife and child for joining a settled person in uk

[BADE]

First of all I would like to thank you Terpe for your time and your reply..
Now, the thing is, I haven't got any savings what so ever at the moment, but I was just wondering, if I had a friend or a relative take a loan for me or just give me £16,000 as a gift, would I still need to be earning certain amount considering I got £16,000 in savings, would that be enough to support both my wife and my baby?
Also, you put up there and I quote: "In order to utilise savings to support any shortfall in income (or indeed without any income at all) it's ONLY those cash saving ABOVE £16000 that can be used".
Do you actually mean that, with the £16,000 of savings, you could be without any income at all and still qualify for sponsorship?
Thank you..

[Terpe]

First of all I would like to thank you Terpe for your time and your reply..
Now, the thing is, I haven't got any savings what so ever at the moment, but I was just wondering, if I had a friend or a relative take a loan for me or just give me £16,000 as a gift, would I still need to be earning certain amount considering I got £16,000 in savings, would that be enough to support both my wife and my baby?
Also, you put up there and I quote: "In order to utilise savings to support any shortfall in income (or indeed without any income at all) it's ONLY those cash saving ABOVE £16000 that can be used".
Do you actually mean that, with the £16,000 of savings, you could be without any income at all and still qualify for sponsorship?
Thank you..

Bade, I think you misunderstand something.
You would need savings of MORE than £16000

Only savings ABOVE £16000 will be counted.

Look at what I said above:-

Knowing the shortfall you can use the following equation to determine the savings needed:-

z = (Income Shortfall x 2.5) + 16000

z is total savings needed

OK, lets say for example your gross annual income was £15,000
The required gross annual income for spouse and one child is £22,400 (£18,600 + £3,800)
Means that your shortfall in annual gross income is £7,400 (£22,400 - £15,000)

Using the above equation:-

z = (£7,400 x 2.5) + 16000

z = £34,500

So you would need savings of £34,500 in order to meet the UKBA financial requirement.
You need to have held this as cash in an account in your own name for minimum of 6 months.

By the way you need to show this amount again when the next FLR(M) is due for application.

is total savings needed

[BADE]

Thanks Terpe I understand now so I guess I'm going to have to ditch that option then, hopefully I'll find two jobs, 16 hours a day even if it means no social life what's so ever and destroying my health, so be it..
Thank you for all the info I really appreciate it

[Terpe]

Thanks Terpe I understand now so I guess I'm going to have to ditch that option then, hopefully I'll find two jobs, 16 hours a day even if it means no social life what's so ever and destroying my health, so be it..
Thank you for all the info I really appreciate it

Why not go live in another EU country and have your family join you for free under the EU rules?
You just need a job and somewhere to live.

Do some research
It's called freedom of movement.