Pad cushioned and strapped? (4,5)

I believe the answer is:

flat broke

'strapped?' is the definition.
(thesaurus)

'pad cushioned' is the wordplay.
'pad' becomes 'flat' (type of home or 'pad').
'cushioned' becomes 'broke' (as in cushioning or breaking a fall).
'flat'+'broke'='FLAT BROKE'

'and' acts as a link.

(Another definition for flat broke that I've seen is " cleaned out".)

I've seen this clue in The Times.

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