I think that only applies in relation to things like any forums and chat rooms
EDIT: Even it does apply to the webspace, all that says is VM are allowed to copy it. It doesn't say the user gives up the copyright.
This is the terms from the Virgin National terms:
Freespace:Information and material published on the webspace (Freespace) area of the www.virginmedia.com site owned by you shall remain owned by you. However, you hereby grant to Virgin Media a royalty-free, irrevocable licence to copy and distribute such information and material solely to the extent necessary to allow Virgin Media to make the same available via the Service. For the avoidance of doubt, this licence does not transfer ownership of the whole or any part of such information or material or any copyright, idea, concept, know-how or technique contained in the same.