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Mary J. Blige

Knocks $200,000 Off

Massive Bank Debt

9/28/2013 12:15 AM PDT BY TMZ STAFF
EXCLUSIVE

0927-mary-j-blige-getty
It pays to be broke ass broke if you're Mary J. Blige's foundation -- a bank just agreed to slash the group's debt by nearly $200,000 ... TMZ has learned.

According to legal docs, TD Bank reached a settlement with Mary J.'s charitable group ... agreeing to let it pay a mere $125k -- which might not sound like a great deal, until you realize the total tab was a whopping $322,000!

As TMZ first reported ... the Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now was sued last year when it defaulted on a $250k loan. The charity even blamed the bank ... claiming it should've know the group's finances were in shambles.

According to the settlement, the group will pay back $15,000 immediately -- and then make 12 easy payments of $9,166.

We're guessing TD Bank agreed to the deep discount because ... some money is better than none at all.

23 COMMENTS

No Avatar
1.

NOT ELMO    

-- And Then Make 12 Easy Payments Of $9,166.00............LOL...........She Should've invested All That Money She Has Made...........idiot !

334 days ago
2.

katherineragsdale3    

I hate tb bank i've Nebr foreign a break they suck you dry at least someone has gotten a break hate that its a millionaire but still hate td bank

334 days ago
3.

katherineragsdale3    

TD Bank they suck

334 days ago
4.

Dead account Delete at will    

Love her music. Unfortunately shes a bigot

334 days ago
5.

my2cents    

This must be the new racist hangout. There's not enough news for you at stormfront?

334 days ago
6.

TMZ Lies    

Mary is broke, NO WAY. That is a lie from hell! TMZ, shame on you. But let the record show, after all the bank defaults and tax lien. Mary J did a successful 2012 and 2013 tour. She's making lots of money on UK X-Factor. She took 3 topical vacations this year alone. I mean check out her instagram, she on yachts. She ain't broke, she's a boss!!

334 days ago
7.

KicksandGiggles    

No longer a Mary J fan. It is her responsibility to have professionals around her to handle her business. This is not the first time. Then, to lawyer slick your way out of paying legitimate debt is plain wrong. Mary J, I guess truth and honesty were just song words after all. Shame on you!

334 days ago
8.

Jamey Hunter    

So what are we supposed to do? Applaud her because she is being forced to pay her debt? This chick has made a fortune and obviously spent it all and we're supposed to be glad she made a payment?

334 days ago
9.

STFU    

MJ and that lowlife she is married to is spending every dime she makes. Making only 9K payments proves she is broke as a joke.

Another dummy hat don't know how to mangae their $ or live within their means.

333 days ago
10.

STFU    

Mary has been in the game too long to be this broke. Sad and pathetic.

Wonder if she has paid the IRS back. No longer a fan of this deadbeat .

333 days ago
11.

justme    

why don't publicity ho beyonce help her friend ??????? or is beyonce to greedy

333 days ago
12.

TMZ Lies    

So stupid idiots are not fans anymore. Boo "F-in' Hoo!!! Understand this b.i.t.c.h, it takes a lot money, (that Mary J has) to hire very EXPENSIVE LAWYERS. Do the math. So what she gotta pay 9k a month. It's called a settlement.

333 days ago
13.

chicagoannie    

Crooks. Why does a foundation borrow money? Don't people contribute to foundations? And where did the borrowed money go? Not repaying in full is stealing. Shame on Blige.

333 days ago
14.

Jull    

Amazing, having great debts means having great discounts, while many of us have just turn to the lending service and there is never a chancenot to pay.

325 days ago
15.

Charlie    

Crazy how celebrities can go into debt like this - even the most popular ones. Sometimes we have to turn to a lending service to help us during these situations.

295 days ago
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