Centrix Default Status

Each Centrix Default has a current status. The short codes listed below will show in the Service Log accessible via the Audit Search.

The Credit Bureau Defaults Wizard (bulk), Account Credit Bureau Default wizard and the Account Credit Bureau Default History grid will reflect the full description of the status i.e. Active instead of ACTV or Scheme of Arrangement instead of SOFA.


Code	Short Description	Description
ACTV	ACTIVE	an active Default.
CAND	CANCEL	used where the default was sent in error, and effectively deletes the default in Centrix.
CLCT	COLLECTION AGENCY	used when a default has been referred to an External Debt Collection Agency.
DISC	DISHONOURED CHEQUE	can be used if a payment made by cheque was subsequently dishonoured.
DISP	DISPUTED	this code is applied by the Bureau when a debtor has formally disputed the default.
DOCM	DEED OF COMPROMISE	can be selected if a Deed of Compromise has been completed.
NAPR	NO ASSET PROCEDURE	used when the debtor has been accepted for a No Asset Procedure (type of insolvency)
OVER	OVERDRAWN ACCOUNT	can be selected for an Overdrawn Account
PAID	PAID	used when the previously defaulted debt has been completely repaid.
PAYG	PAYING	when payments are being made to the defaulted debt.
PLAN	PROPERTY LAW ACT NOTICE	can be used when a Property Law Act Notice has been issued.
REPO	REPOSSESSION	can be used where a repossession of security has taken place.
SCIN	SERIOUS CREDIT INFRINGEMENT	if applicable this can be chosen or may be applied by the bureau
SKIP	GONE NO ADDRESS	Debtor is not currently locatable.
SMIO	SUMMARY INSTALMENT ORDER	Debtor has been approved for a Summary Instalment Order (a form of insolvency).
SOFA	SCHEME OF ARRANGEMENT	used to record when a promise to pay has been made.
STLD	SETTLED	used where an account has been settled at an agreed value rather than paid in full.
VOLR	VOLUNTARY REPOSSESSION	can be selected if applicable.
WOFF	WRITTEN OFF	the Account was Written Off as it was deemed not recoverable.

Further information on Status types

If a payment has been made between now and the last upload this is updated to PAYG.

The status will not change to PAYG, if a payment has been made on the same day as the last upload, e.g. last upload date 12/12/2019 and payment date 12/12/2019.

If another payment falls due and no payments have been received the status reverts to ACTV.
Some statuses are not automatically used in finPOWER Connect but can be manually updated.
Any status that has been manually updated will need to be manually reviewed, unless the overdue drops zero, at which point they become PAID.
The code CAND can be used where the default was sent in error and effectively removes the visibility in Centrix.

Other Changes to the Default Status

Changes to the status of a default that are triggered within finPOWER Connect

When a Payment Arrangement is made, the Status is automatically set to "SOFA" or "STLD" depending on whether the Overdue is held or cleared.
The property on the finPaymentArrangementAdd object (UpdateCreditBureauDefaults) can be set to False by a Script to prevent this.
The Account History records will be updated but the update will not be sent to the Credit Bureau until the next time the Credit Bureau Defaults wizard is run.

Account Restructure wizard

The Account Restructure wizard will automatically set the Status, e.g. to "STLD" but only if the Overdue has been cleared.
The Account History records will be updated but the update will not be sent to the Credit Bureau until the next time the Credit Bureau Defaults wizard is run.

Account Close wizard

The Account Close wizard will automatically set the Status, e.g. to "PAID" or "WOFF", based upon the Close Method.
The Account History records will be updated but the update will not be sent to the Credit Bureau until the next time the Credit Bureau Defaults wizard is run.
For Accounts that are 'Closed (Pending)', the Account History records will not be updated until the Account is fully closed.

Refinances

When the Account is refinanced, the Status will be set to "STLD".
The Account History records will be updated but the update will not be sent to the Credit Bureau until the next time the Credit Bureau Defaults wizard is run.