Avoiding Cancellation Fee

JRabone

Hey guys, I'm new here! I have a question and I think at least one of you guys would know the answer,

I'm currently with Virgin Media (have been since 2012) but I'm in the process of moving out of my family home and moving in with my partner, the place we're moving into has a virgin media contract already so my two options are to cancel my Virgin media and get a basic internet connection for my family home or lower the contract I'm on already on to a more affordable package (around £25-30 inc line rental), after contacting virgin the two options we're to cancel my existing contract after paying a cancellation fee or lower my contract to £48 a month for basic TV and 50mbps internet. After asking if I could lower to just an internet package I was told because I have the Big Kahuna Sports bundle I'd have to cancel my contract, pay cancelation fee and then start from scratch. I was wondering if anyone would be able to tell me if I sign up for the £48 package that they offered me (which they informed me would start a new 12 month contract), would I have a cooling off period that I could cancel within after renewing or does the cooling off period only apply to new customers? Any advice would be great, Hope that all makes sense haha!