I'm not sure what the cost is, but I've googled a little bit and found this:
Take the stopwatch on your cellphone. Press Delete on your character.
Write Confirm Delete, press OK. When you get asked "Do you really want to..?" Press Yes, and at the same time, start the stopwatch.
Go make your new character, when the stopwatch hits 5 minutes, create your character with the same name again. Infallible, done it three times already.