Update payment method

Hello,

My Visa card was recently suspended because I lost it a while ago. Now when I’m trying to update my payment method in the settings it does not allow me to remove my old card and add the new one because I have ICloud+ subscription. When I try to downgrade my iCloud to the free storage plan to be able to update my payment method it just doesn’t downgrade/cancel. So now I’m stuck in a loop where I get “change payment method” notification without me being able to do anything to resolve this issue.

I have restarted my phone, updated the phone, signed out and in of my iCloud account and still nothing works.

what should I do?