Hiw can i stop paying my iphone 5 verizion plan?

I bought a 16 gb verizion iphone 5 directly from apple and i pay 70$ every month for the plan but i don't want it anymore. I heard that the verizion version comes already factory unlocked so can i just put in another sim and i will already be contract free? Or what do i need to do? The iphone is jailbroken so maybe i can use cydia

Verizon does not use sim cards. The only way to get out is to pay a fee set by verizon

Verizon DOES use SIM cards on all their LTE phones, including the iPhone 5

you will have to pay an early termination fee with Verizon to cancel your contract, then you can install a GSM SIM card.

if you don't pay the early termination fee but just stop paying your bill, Verizon will blacklist the phone, and even installing another brand SIM won't allow it to work until you have paid off the bill.