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Catalytic Converter Fault

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Just taken the missus to work and this flashed up on my dashboard (Peugot 307).Seems very sluggish and the power is very poor.
For the total ignoramuses,as I am, of car tec,I know its something to do with a device that converts exhaust gasses into less harmful ones so how big a job is it to correct and more importantly do I have to re-mortgage the house for the cost of the work.
Thanks,
Oakie

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