The Payment Plan Defaulted event triggers when a customer’s payment has failed and you choose to mark the payment plan as Defaulted. Defaulted status closes out the payment plan and any outstanding balance will be categorized as a write off.
This event would be used to automate the operational, financial, and customer lifecycle actions that should happen when a payment plan is officially written off.
Once a Payment Plan is marked as Defaulted, it cannot be undone. To collect the unpaid balance, a new payment plan must be started for the customer. However, the written off amount will still appear in any relevant reports and exported data.