It appears that your account does not have enough memory allocated to allow to run this process. On a dedicated server I would tweak my.cnf and php.ini but on a shared host I am not sure how you can solve this.
It looks like your host has you limited to 8 mb of memory and you need at least 16. Even 16 is very, very low for a vbulletin site. Perhaps this was something the host changed with the server updates. See if they will change it to 64 at least.
--------------- Added [DATE]1392243031[/DATE] at [TIME]1392243031[/TIME] ---------------
You can also go into maintenance and phpinfo and see what your memory limits are.
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