How to Drop Your Cell Phone Contract and Avoid Hefty Fees | MintLife Blog | Personal Finance News & Advice. There are numerous reasons for wanting to drop your cell phone contract. Maybe you found yourself seduced by a flashy phone, only to get slapped with bad service and pesky fees. Maybe you’re planning to move overseas. Or maybe you just can’t wait any longer to trade that BlackBerry for an iPhone 4 (even though Apple (AAPL) is rumored to be working out a deal with Verizon (VZ) in the not-so-distant future).