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Ryan air flight balance

Hi all,
I have flights booked with ryan air through on the beach for may, I can no longer go on the holiday and have only paid the low deposit. on the beach are telling me to cancel I have to pay the balance of the flights with is over £300!!
I am planning to cancel my debit card so they cannot take the money as I don't have it!!
does anyone know will they chase me for the balance?
any one have experience of this?
have looked at changing dates and transferring name but the fees are horrendous
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