The report, at the end of this This is Money report by Nicholas Cecil, is:

Labour was also plunged into a row with unions today as it battles to tackle what is believed to be a £20m debt. The unions are resisting a proposal for all funds raised by four million trade unionists affiliated to Labour to go straight to party HQ, stopping union bosses deciding how the cash is spent by local parties.

Millionaires who lent Labour huge sums have also been asked to wait almost a decade to get the money back.

Update: Should have checked Peter Kenyon's blog who covers this. It is a Hayden Phillip/Jack Straw idea related to avoiding a £50k cap, covered in The Guardian. GMB would consider disaffiliating over this, as not all members support Labour and they would object to unspecified general use of political funds.

Millionaire donor's story is in the Daily Mail in more detail. Nine-year rescheduling of the loans being sought. That would still leave around £1 million/year interest being paid for 9 years, on top of repaying the ~£20 million of loans eventually - so we'll be still paying for the 2005 election through the next two general elections. Nice one Blair, Levy & Co. Fits well with a credit-card middle England culture I suppose.

Update2: Peter Kenyon reports that the rescheduling of debts is essential to ensure the accountants can sign-off that the Labour Party is a going concern in the accounts. I notice from the Electoral Commission website that Christopher Evans has already been paid off on his £1 million loan, seemingly from an increased Co-op Bank loan. So it seems he did not want to reschedule the debt - hopefully the others are more amenable.