Call your registrar or reseller ASAP -- if it deletes in a week, you haven't much time. AFAIK it is a manual process for most registrars and they include the 1 yr renewal in the price of redemption. Price varies by registrar.
Last I heard Verisign only charges the registrar $60 for the redemption, so try to bargain with your registrar if they try to charge you $150 like the ppl above are saying.