How to stop a payment on a stolen/lost iphone?

How do i cancel a contract so i can stop paying for the iphone when i lost it. What do I do? I tracked my lost iphone and it says its at someone's house but i put it in lost mode. Do i have to call my carrier to report it lost, Will they give me a brand new phone for free, or can i just cancel off the payment because I don't want to pay for a phone that I lost, and I know the police aren't going to do anything.

For your peace of mind call the company!

Too bad, why should the company just stop being paid because you lost the phone? You don't just get to cancel a contract.

You got insurance on it didn't you? Oh no, boo hoo hoo

TRY actually asking local educated adults for real answers in your country as it varies greatly duh

You are still responsible for the rest of the money you owe for the phone. If you entered into a service contract, you are responsible for that too.

Unless you have insurance and pay the deductible, you will have to buy a replacement phone at full price.

You do need to report it to the carrier to keep whomever has the phone from running up the bill and to blacklist the phone.

Call your carrier and report it stolen. You still have to pay off the rest. If you've insurance, you're taken care of but if not, bad news for you. You can cancel your contract and go to prepaid to avoid situations like this.

Losing the phone does not discharge your responsibility to pay for it.

You don't. If you didn't get insurance either through the carrier or a third party like SquareTrade, you are stuck paying off the phone, that you felt didn't need the extra cost to you for the insurance to replace it.

Tip on buying phones in the future. If you can't buy a particular phone without needing to make monthly installments, do not get that phone without also getting replacement insurance.

Or don't plan on getting insurance, make sure you have the money (ON HAND) to replace the phone should it get lost, stolen or destroyed.

Yes tell the Carrier it is stolen.
No you can't stop paying unless it was insured.

You have to keep paying for the lost phone. You have to pay for the new phone. If you don't have insurance then you are stuck. If you don't keep up your payments you will never get another phone, except maybe pay as you go.