Set WooCommerce orders as cancelled NOT failed when a payment doesn’t go through

Basically, I am using WooCommerce with YITH Booking and whenever a failed payment happens, it creates a booking slot with the “failed” status, but this booking slot then becomes not-bookable.

So to avoid this, I would like to automatically create “cancelled” booking statuses instead of “failed” so if someones payment doesnt work, it the order status goes straight to “cancelled”

I’ve looked for custom php snippets but currently cannot find anything sufficient.