Why is the iPhone 5 on refresh more expensive than buying it on PAYG. 16GB is £600 on Refresh and on PAYG it is £549.
Would seem to imply that although there is no interest charge you pay more for the phone
I would guess it's because it's being sold on interest free credit over two years.
I think if O2 were to shut down tomorrow you would be ecstatic!
Sadly for you and fortunately for their customers, it won't happen and we can only offer advice here.
Where else could you buy something of that value for a cost of 50 pence a week over the retail?