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CUSIP No. 92886T201                   13G                      Page 1 of 8 Pages
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Schedule 13G
                                 (Rule 13d-102)

   Information to be Included in Statements Filed Pursuant to Rules 13d-1(b),
       (c) and (d) and Amendments Thereto Filed Pursuant to Rule 13d-2(b)
                               (Amendment No. 1 )*


                              Vonage Holdings Corp.
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                                (Name of Issuer)


                          Common Stock $.001 par value
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                         (Title of Class of Securities)

                                    92886T201
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                                (CUSIP Number)(1)


                                December 31, 2007
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             (Date of Event which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

[_]   Rule 13d-1(b)

[X]   Rule 13d-1(c)

[_]   Rule 13d-1(d)

----------

      *The  remainder  of this cover  page  shall be filled out for a  reporting
person's  initial  filing on this  form with  respect  to the  subject  class of
securities,  and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

      The information  required in the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 (the "Act") or otherwise  subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however, see
the Notes).




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CUSIP No. 92886T201                   13G                      Page 2 of 8 Pages
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     1   NAME OF REPORTING PERSONS Silver Point Capital, L.P.

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     2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                          (a)  [_]
                                                          (b)  [_]
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     3   SEC USE ONLY

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     4   CITIZENSHIP OR PLACE OF ORGANIZATION            Delaware
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                       5    SOLE VOTING POWER            2,500,000 (See Item 4)
    NUMBER OF         ----------------------------------------------------------
     SHARES            6    SHARED VOTING POWER          -0-
  BENEFICIALLY        ----------------------------------------------------------
  OWNED BY EACH        7    SOLE DISPOSITIVE POWER       10,810,499 (See Item 4)
    REPORTING         ----------------------------------------------------------
   PERSON WITH         8    SHARED DISPOSITIVE POWER     -0-
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      9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY
         EACH REPORTING PERSON                           10,810,499 (See Item 4)
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     10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
         EXCLUDES CERTAIN SHARES*                        [_]
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     11  PERCENT OF CLASS REPRESENTED
         BY AMOUNT IN ROW (9)                            6.6%(1)
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     12  TYPE OF REPORTING PERSON*                       PN, IA
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                     * SEE INSTRUCTIONS BEFORE FILLING OUT.

(1)   The  percentages  used  herein  and in the rest of this  Schedule  13G are
      calculated based upon 155,863,949 shares of common stock outstanding as of
      October 31, 2007 pursuant to the Company's  quarterly  report on Form 10-Q
      for the period ended September 30, 2007.




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CUSIP No. 92886T201                   13G                      Page 3 of 8 Pages
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     1   NAME OF REPORTING PERSONS Edward A. Mule

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     2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                          (a)  [_]
                                                          (b)  [_]
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     3   SEC USE ONLY

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     4   CITIZENSHIP OR PLACE OF ORGANIZATION            United States
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                       5    SOLE VOTING POWER            -0-
    NUMBER OF         ----------------------------------------------------------
     SHARES            6    SHARED VOTING POWER          2,500,000 (See Item 4)
  BENEFICIALLY        ----------------------------------------------------------
  OWNED BY EACH        7    SOLE DISPOSITIVE POWER       -0-
    REPORTING         ----------------------------------------------------------
   PERSON WITH         8    SHARED DISPOSITIVE POWER     10,810,499 (See Item 4)
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      9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY
         EACH REPORTING PERSON                           10,810,499 (See Item 4)
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     10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
         EXCLUDES CERTAIN SHARES*                        [_]
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     11  PERCENT OF CLASS REPRESENTED
         BY AMOUNT IN ROW (9)                            6.6%
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     12  TYPE OF REPORTING PERSON*                       IN
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                     * SEE INSTRUCTIONS BEFORE FILLING OUT.




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CUSIP No. 92886T201                   13G                      Page 4 of 8 Pages
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     1   NAME OF REPORTING PERSONS Robert J. O'Shea

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     2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                          (a)  [_]
                                                          (b)  [_]
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     3   SEC USE ONLY

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     4   CITIZENSHIP OR PLACE OF ORGANIZATION            United States
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                       5    SOLE VOTING POWER            -0-
    NUMBER OF         ----------------------------------------------------------
     SHARES            6    SHARED VOTING POWER          2,500,000 (See Item 4)
  BENEFICIALLY        ----------------------------------------------------------
  OWNED BY EACH        7    SOLE DISPOSITIVE POWER       -0-
    REPORTING         ----------------------------------------------------------
   PERSON WITH         8    SHARED DISPOSITIVE POWER     10,810,499 (See Item 4)
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      9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY
         EACH REPORTING PERSON                           10,810,499 (See Item 4)
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     10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
         EXCLUDES CERTAIN SHARES*                        [_]
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     11  PERCENT OF CLASS REPRESENTED
         BY AMOUNT IN ROW (9)                            6.6%
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     12  TYPE OF REPORTING PERSON*                       IN
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                     * SEE INSTRUCTIONS BEFORE FILLING OUT.




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CUSIP No. 92886T201                   13G                      Page 5 of 8 Pages
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Item 1(a)         Name of Issuer:

                  The  name  of  the  issuer  is  Vonage   Holdings  Corp.  (the
"Company").

Item 1(b)         Address of Issuer's Principal Executive Offices:

                  The Company's principal executive office is located at 23 Main
                  Street, Holmdel, NJ 07783

Item 2(a)         Name of Person Filing:

                  This  Schedule  13G is being  jointly  filed by  Silver  Point
Capital,  L.P., a Delaware limited partnership (the "Investment  Manager"),  Mr.
Edward A.  Mule and  Robert J.  O'Shea  with  respect  to the  ownership  of the
Company's  common  stock by Silver Point  Capital  Fund,  L.P.  (the "Fund") and
Silver Point Capital Offshore Fund, Ltd. (the "Offshore Fund").(2)

                  The  Reporting  Persons  have  entered  into  a  Joint  Filing
Agreement,  dated February 22, 2008, a copy of which is filed with this Schedule
13G as Exhibit A,  pursuant to which the  Reporting  Persons have agreed to file
this statement  jointly in accordance  with the  provisions of Rule  13d-1(k)(1)
under the Act.

Item 2(b)         Address of Principal Business Office or, if none, Residence:

                  The address of the  principal  business  office of each of the
Reporting Persons is Two Greenwich Plaza, Greenwich, CT 06830

Item 2(c)         Citizenship:

                  Silver  Point   Capital,   L.P.  is  organized  as  a  limited
partnership  under  the laws of the  State of  Delaware.  Both Mr.  Mule and Mr.
O'Shea are U.S. citizens.

Item 2(d)         Title of Class of Securities:

                  Common Stock, par value $.001 per share.

Item 2(e)         CUSIP No.:

                  CUSIP No. 92886T201

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(2)   Silver Point Capital,  L.P. is the investment  manager of the Fund and the
      Offshore  Fund  and by  virtue  of such  status  may be  deemed  to be the
      beneficial  owner of the common  stock  held by the Fund and the  Offshore
      Fund. Silver Point Capital  Management,  LLC ("Management") is the general
      partner of Silver Point Capital,  L.P. and as a result may be deemed to be
      the beneficial owner of the common stock held by the Fund and the Offshore
      Fund.  Each of Mr.  Edward  Mule and Mr.  Robert  O'Shea  is a  member  of
      Management and has voting and investment  power with respect to the common
      stock  held by the Fund and the  Offshore  Fund and may be  deemed to be a
      beneficial  owner of the common  stock  held by the Fund and the  Offshore
      Fund. Silver Point Capital, L.P., Management,  and Messrs. Mule and O'Shea
      disclaim beneficial ownership of the common stock held by the Fund and the
      Offshore Fund,  except to the extent of any pecuniary  interest,  and this
      report shall not be deemed to be an admission that they are the beneficial
      owners of such securities.




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CUSIP No. 92886T201                   13G                      Page 6 of 8 Pages
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Item 3            If this  statement  is filed  pursuant to Rules  13d-1(b),  or
13d-2(b), check whether the person filing is a:

                  Not Applicable.

Item 4            Ownership:

                  A.    Silver Point Capital, L.P.

                        (a)   Amount beneficially owned: 10,810,499(3)

                        (b)   Percent of class: 6.6%

                        (c)   Number of shares as to which such person has:

                              (i)   Sole  power  to vote  or  direct  the  vote:
                                    2,500,000

                              (ii)  Shared power to vote or direct the vote: -0-

                              (iii) Sole  power  to   dispose  or   direct   the
                                    disposition: 10,810,499

                              (iv)  Shared  power  to   dispose  or  direct  the
                                    disposition: -0-

                  B.    Edward A. Mule

                        (a)   Amount beneficially owned: 10,810,499

                        (b)   Percent of class: 6.6%

                        (c)   Number of shares as to which such person has:

                              (i)   Sole  power to vote or direct  the vote: -0-


                              (ii)  Shared  power to vote or  direct  the  vote:
                                    2,500,000

                              (iii) Sole   power  to   dispose   or  direct  the
                                    disposition: -0-

                              (iv)  Shared   power  to  dispose  or  direct  the
                                    disposition: 10,810,499

                  C.    Robert J. O'Shea

                        (a)   Amount beneficially owned: 10,810,499

                        (b)   Percent of class: 6.6%

                        (c)   Number of shares as to which such person has:

                              (i)   Sole power to vote or direct the vote: 0

(3)   The number of shares of common  stock  reported as  beneficially  owned in
      this  Schedule  13G  consists of 2,500,000  shares of common  stock,  plus
      8,310,499  shares  that may be  acquired  by the  reporting  persons  upon
      conversion  of  Convertible  Notes due December 1, 2010 (the  "Convertible
      Notes")  issued by the Company and owned by the  reporting  persons,  such
      Convertible Notes being immediately convertible at a price of $14.22.




                              (ii)  Shared  power to vote or  direct  the  vote:
                                    2,500,000

                              (iii) Sole   power  to   dispose   or  direct  the
                                    disposition: 0

                              (iv)  Shared   power  to  dispose  or  direct  the
                                    disposition: 10,810,499

Item 5            Ownership of Five Percent or Less of a Class:

                  If this statement is being filed to report the fact that as of
the date hereof each of the  Reporting  Persons has ceased to be the  beneficial
owner of more than five percent of the class of securities,  check the following
[ ].

Item 6            Ownership  of More Than  Five  Percent  on  Behalf of  Another
                  Person:

                  See response to Item 4.

Item 7            Identification  and  Classification  of the  Subsidiary  Which
                  Acquired the Security  Being Reported on by the Parent Holding
                  Company or Control Person:

                  Not applicable.

Item 8            Identification and Classification of Members of the Group:

                  Not applicable.

Item 9            Notice of Dissolution of Group:

                  Not applicable.

Item 10           Certification:

                  By signing  below I certify  that, to the best of my knowledge
and belief, the securities  referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing  the control of
the  issuer  of the  securities  and  were  not  acquired  and are  not  held in
connection  with or as  participant  in any  transaction  having that purpose or
effect.




                                    SIGNATURE

                  After  reasonable  inquiry and to the best of my knowledge and
belief,  I certify  that the  information  set forth in this  statement is true,
complete and correct.

Date:  February 22, 2008

                                      Silver Point Capital, L.P.


                                      By:   /s/ Frederick H.Fogel
                                            ------------------------
                                      Name: Frederick H. Fogel
                                            ------------------------
                                      Its:  Authorized Signatory



                                                                       Exhibit A

              AGREEMENT REGARDING THE JOINT FILING OF SCHEDULE 13G

The undersigned hereby agree as follows:

      (i) Each of them is individually eligible to use the Schedule 13G to which
this  Exhibit is attached,  and such  Schedule 13G is filed on behalf of each of
them; and

      (ii) Each of them is  responsible  for the timely  filing of such Schedule
13G and any amendments  thereto,  and for the  completeness  and accuracy of the
information  concerning  such  person  contained  therein;  but  none of them is
responsible for the  completeness or accuracy of the information  concerning the
other  persons  making the filing,  unless  such  person  knows or has reason to
believe that such information is inaccurate.

Date:  February 22, 2008

                                      Silver Point Capital, L.P.


                                      By:   /s/Frederick H. Fogel
                                            -----------------------
                                      Name: Frederick H. Fogel
                                            -----------------------
                                      Its:  Authorized Signatory


                                      /s/ Edward A. Mule
                                      -----------------------------
                                      Edward A. Mule, individually

                                      /s/ Robert J. O'Shea
                                      -----------------------------
                                      Robert J.O'Shea, individually