She has faced endless financial troubles in the past few years but Mary J. Blige has finally received some good news. The No More Dramas singer has allegedly reached an agreement with TD Bank which will see $200,000 shaved off her charitable foundation’s debt, leaving just under $125,000 to be paid in instalments.
According to TMZ, the Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now, will pay $15,000 immediately followed by 12 payments of $9,166.
The foundation was sued by TD Bank last year after defaulting on a $250,000 loan, which totalled $322,000 including interest, but the charity claimed the bank should have known they were struggling when it signed off on the loan.
After the foundation - which aims to inspire women from all walks of life and provide them with the confidence and skills they need to achieve success - was accused of mishandling funds and failing to pay back the loan, Mary insisted she would do everything possible to get it back on track.
She said: 'The lives of young women are at stake. I feel what they feel. I don't want them to suffer. I promised them something and I'm gonna deliver. Period.
'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.'
Although she has reached an agreement with the bank, this is not the end of Blige’s money woes.
In June she was sued for allegedly cancelling a concert in Dallas, Texas, so that she could perform with the Rolling Stones in New York.
The 42-year-old singer and her production company were hit with the lawsuit by Vision Entertainment Worldwide (VEW) after she pulled-out of the gig on December 9, 2012.
Mary was reportedly paid a deposit of $145,000 to perform but cancelled the concert a few days before it was scheduled to take place after she accepted the offer to perform with Mick Jagger and his band at the Barclays Center.
VEW asked for $145,000 in damages from the performer.
The singer was also hit with a $3.4million tax bill in May after being accused of avoiding her US federal taxes for three consecutive years from 2009, according to the New York Daily News.
In addition to her federal taxes, Mary also reportedly owes the State of New Jersey over $900,000 in back taxes.
In another lawsuit, filed last November, the singer and her husband, Martin Isaacs, were accused of defaulting on a $2.2 million loan from Manhattan's Signature Bank.
The financial institution is seeking the full loan amount, alongside $58,000 in interest.
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