Have a look at http://www.google.com/search?q=unformat+ntfs
This is assuming you use Windows XP or Windows 2000 and the default NTFS filesystem.
If your filesystem is FAT, replace ntfs by fat in the above search.
I don't have experience with any of the programs or services myself. I never accidentally formatted a hard drive, in fact, AND I do have backups.
is there any way of salvaging this situation?
I accidentally reformatted my hard disk drive and I erase all my files and data in it. Is there any way to retrieve it back? I did not backup my files.