I took out my contract in december 2009, been recieving texts saying I'm about to go over my limit and I didn't do anything untill a few days ago I rang them up about the problem they said there was a 14 day cooling period and if I wanted to cancel I'd have to pay cancellation fees... is it too late for me to have any chance of cancelling for free, is the cooling period true?

I'm not mistaken by thinking if the contract is cancelled the phone is still ours, am I?