Lender shaves $200,000 off defaulted loan.
Mary J. Blige's foundation just caught a $200,000 break on a defaulted loan, TMZ reports. TD Bank reached a settlement with Blige and entertainment bigwig Steve Stoute's Foundation for the Advancement of Women Now (FFAWN), agreeing to knock down the $322,000 debt to $125,000.
In accordance with the payment plan, the charity must pay $15,000 immediately followed by 12 installments of $9,166.
TD Bank sued FFAWN last May for bailing on a $250,000 loan taken out in June 2011. As of December 2012, the bank claimed FFAWN had paid less than $400 of the six-figure balance.
Blige blamed her staff for the money mishap, telling TMZ, "The problem is that I didn't have the right people in the right places doing the right things. This should have never been allowed to happen, but it did and now we are fixing it."
Launched in 2007, FFAWN aims to "inspire women from all walks of life" to build "confidence and skills" needed to "reach their individual potential."
The non-profit has sent more than 20 women to college over the years, but unfortunately legal drama with the charity is just one of the many financial hiccups Blige has run into lately. In February, the 42-year-old was sued for defaulting on a $500,000 loan, hit with a $3.4 million tax lien in May, and sued again in June for bailing on a Dallas concert date despite pocketing a $145,000 paycheck.
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(Photo: Derrick Salters/WENN.com)