Upgraded about six weeks ago to the Ultimate Oomph bundle but was told as my area was not yet enabled for 500 I would stay on M350 until the work was done. Postcode checker now shows the street as M500 ready and have tried to speak to agents on the phone to send the 500 config file to my Hub with little success. Not sure they understood what I was asking for. Still got a 350 config file after several reboots in the past day or so.
From my understanding you'd still need to call in and ask to be put on the 500 as I'm positive your bill would be saying M350 right now and not M500, they'd need to upgrade your account on-call as it's not just sending the config but actually updating your services.
** I work for VirginMedia but all opinions posted here are my own.
Hopefully the VM staff patrolling the forum can resolve this for you. If not, phone 150 and select options for "upgrade my package". That way you will be speaking to decent UK based staff, not the offshore tech unsupport clowns, and if you start by explaining that you think you need to downgrade your package as you're paying for a service you're still not getting they'll get the message. If they tell you you do need to speak to the offshore tech support guys, don't let them because they're just fobbing you off (VM management and employees know full well how third rate the offshore tech support is), instead just ask to be transferred to the VM Complaints team.
The UK staff can get your config file updated in a couple of minutes, it doesn't involve any of the offshore lot.
But be aware that the postcode checker may not be accurate - just because it says (pre-contract) that VM offer 500 Mbps, it doesn't mean that capability is actually live. Trailing something you want to sell but don't yet have in stock is perfectly normal and fairly legitimate in all fields of retailing.
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***** If you think my answer has helped - please provide me with a Kudos rating and mark as Helpful Answer!! I do not work for Virgin Media - all opinions expressed are of my own and all answers are provided from my own and past experiences. Office 365, Dynamics CRM and Cloud Computing Jedi