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Will I get charged to cancel my item

I listed an item yesterday on a 10 day auction with a reserve price, a couple of hours later someone listed exactly the same item but on a 7 day listing. I am now wondering whether I should cancel my item but will I get charged.

The other seller has started off with a lower starting price than me (£10 as opposed to mine £25) and has got one bid. I have three watchers but no bids. In total there seems to be three of us selling the same item, the other seller also has a bid.
£2.00 Savers Club = £34.00 So Far

+ however may £2 coins I have saved in my Terramundi since 2000.

Terramundi weighs 8lb 5oz

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