As you say that its not working, have you called it in as a fault as they will just send out a replacement? The red light "may" just be a glitch or it may actually be overheating - is it getting hot?
Call it in on 150 (VM Phone) or 0345 454 1111 (any other phone) and see what they say when they test the connection. Calling at 08.00 midweek (09.00 Sun) is the best time to get through quickly.
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John
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I do not work for VM. My services: HD TV on VIP (+ Sky Sports & Movies & BT sport), x3 V6 boxes (1 wired 2 WiFi,) SH2 in modem mode with Airport Extreme Router +2 Airport Express's. On VIVID200, Talk Anytime Phone, x2 Mobile SIM only iPhones.