I had that problem, my PS3 turned off while i was playing FIFA then it kept flashing red. Then a yellow light started coming on, and I realized I had the yellow light of death. I had to get a new one.
Its worth considering getting a new PS3 rather than paying the repair fee's... New one's don't look as nice but are alot quieter!
Sale of Goods act might work here - 3 years isn't a huge amount for a console
Nearly 18 months later, how did you get on with this?
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