Couple who used New Labour government financing model as template for their own lifestyle mystified and angry at Judge declaring it to be "completely stupid" ....

Says Bob E in response to this article from The Telegraph:

The judge, who heard the High Court trial last year, said the Gatts had been successful property developers who "lived the lifestyle of prosperous, indeed wealthy, people".

They sold their £2 million home in Kent in 2004 and moved to Melksham Court, a medieval manor house with substantial grounds and outlying cottages [which appears to have cost £4 million]. There, they had space for Mrs Gatt's stable of quarter horses, a £240,000 mobile home, as well as Mr Gatt's Ferrari and collection of Harley Davidson motorcycles.

"Plainly, they were not afraid of borrowing, as some people are, but regarded being overdrawn for business and living purposes as a normal condition, confident of being able to repay when their ship came in," continued the judge.

Disaster struck for the couple in April 2008 when they were refused remortgage finance by RBS on their home, which they needed to plough into development projects. They soon learned that Barclays had provided reports to credit reference agencies stating that Mr Gatt's account was "delinquent", since it was £260,000 overdrawn when the agreed limit was only £1,500.