Faulty red LED light on GHD Straighteners (Mark iii)?

This is weird, any suggestions ?

The red light on my GHD's comes on when first switched on for about 15 secs, then goes off. They appear hot (too hot to touch) and when the plates touch, ie with hair in the middle, the light goes back on.

I am worried that they faulty, bought in August 2005, and that something more drastic may happen, the light has been working intermittantly last few weeks now.

They are out of warranty but I am not sure where to send them to, or how much or how long.

I am almost on ebay to buy Kudos instead which appear to be very good although not got much spare money need my hair straight !