It's in your name so you have every right to do something about it and if its being paid from your bank then you should be able to pass the security questions.
Do you know if the account is in contract or not, if not then call 0345 454 1111 options 1-1-4-4 get it cancelled.
One problem you may have further down the line is that the equipment is 'supposed' to be returned to Virgin are you could face charges for it not being returned.
Hope you get this sorted.