Credit Crunch Over Hain’s £5,000 from Loan Company CEOHe Gave Ringing Commercial Endorsement to Backer

Carol Vorderman charges a fortune to advertise debt consolidation company FirstPlus. Peter Hain got a donation of £5,000 from rival debt consolidaton company boss, Neville Allport, his Picture Financial Services plc offers easy credit – “You can even borrow up to 125% of the value of your home” says the website “something that traditional lenders won’t consider.” They won’t consider such gearing because it is financially reckless.

Prominently displayed all over the company website is Hain’s ringing commerical endorsement. Guido can’t recall a serving minister’s endorsement ever being used to advertise a company in this way. Guido is sure that Hain’s endorsements and the £5,000 donation are entirely coincidental.

The 10.9% APR charged to credit maxed out debtors is very profitable, which probably explains why Ronnie Cohen’s Apax Private Equity is the biggest investor in Picture Financial Services plc. Remind Guido again where Hain stood on the Private Equity issue during the deputy-leadership campaign…

UPDATE : Looks like Hencke and Wintour on the Guardian are joining the chase this morning, with a front-page splash on Hain’s missing declarations. They are (rightly) fingering sleazy lobbyist Steven Morgan, identified by Guido in May 2007 as responsible for raising the cash.

The story points vaguely to an undeclared circa £10,000 from “City or business people”. Hain is said to be personally auditing the figures. Don’t forget the benefits-in-kind Peter…



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GuidoFawkes Quote of the Day

Adam Spiegel, producer of Nazi themed “The Producers” musical says…

“Margate seemed a perfect place to start the promotion. I’m disappointed but not entirely surprised to see that UKIP are trying to hitch a publicity ride on the back of the show.”

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