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Mr Puggsly said:

http://legaldoc.dl.playstation.net/ps3-eula/psn/u/u_tosua_en.html

Upon termination of your account for any reason, you will not receive a refund for items (including subscriptions and pre-paid products or services), value accumulated on in-game items or any unused balance in your wallet except as required by law or as expressly provided in this Agreement.

I don't know what this MS talk is about... I just don't wanna lose access to my copy of Journey.

you don't lose access to games you downloaded to your hdd, but as you can't log anymore you can't dl those items you don't have dld