Microsoft 365 features that help users manage their subscriptions, account settings, and billing information.
Verizon no longer bills Microsoft. Since your subscription wasn’t automatically renewed due to a payment issue with Verizon, it continued past the expiration date. After the grace period, the subscription will be suspended, but you don’t need to pay what is owed. Contact Microsoft support here https://support.microsoft.com/en-us/contactus and they will cancel the previous subscription. You can then purchase the subscription again without losing any data on your cloud.
I know this since this is the exact thing that happened to me.