Payback Time: Mary J. Blige Deal Cuts $200,000 Off Bank Debt For Her Charity
Celebrities seem to be on a roll when getting rid of their debts these days. Michael Vick has nearly finished paying off a whopping $20 million debt. Kelis has paid off more than half of her $700,000 tax debt. And Young Buck, through bankruptcy, has wiped his debt slate clean.
Now, Mary J. Blige has chopped off $200,00 off a huge bank debt, according to legal documents. TD Bank reached a settlement with Mary J.’s charitable group in which it agreed to let the foundation pay a just $125,000 from a debt of $322,000, reports TMZ.
The Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now had been sued last year when it defaulted on a $250,000 loan. “The charity even blamed the bank … claiming it should’ve know the group’s finances were in shambles,” reports TMZ. But now all is almost well as the settlement deal was reach for which the group will pay back $15,000 right away, and then make 12 payments of $9,166.
Now if Blige can get a deal to cut down her $3.4 million tax lein, she’ll be set.