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Steering Fault/Stop light on Renault Megane 54 plate?

Hi, The steering fault light has come up on the dashboard and all assisted steering has completely gone and is like driving a truck in mud! Is this a common fault? Garage where we got it from says it would cost at least £600 to repair. Any ideas guys how we can get this repaired cheaper at all?
madredhead, December 2010
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