No, just inaccessible until such time as you are again a VIP.
Leader of Legion of Valor/Fallen Legion (Victory server)
http://legionofvalor.guildportal.com / http://fallenlegion.guildportal.com
StainedGlassScarlet - L50 Spines/Inv Scrapper | Badges: 1,396
Avatar detail taken from full-size piece by Douglas Shuler here
No. Your main will be sitting there waiting for you until you resub.
I suggest you use one of your free transfers to get your main onto another server before you unsub.
Okay, my main is on a VIP server, but I can't afford to pay for coh anymore. If I downgrade, will my main be deleted or moved?