If the quality of the ink matters, then I'd suggest investing in a cheap laser printer (you can get them for much under 100 pounds now) and buying laser toner, which has a higher yield than ink cartridges. Still, the toners are quite expensive.
But more advantages from this such as, faster printing, higher quality ink, cheaper toners etc..
If the quality of ink doesn't matter, then buy a cheap Epson printer and buy ink cartridges not from Epson themselves.
http://www.amazon.co.uk/Compatible-T711-T714-Magenta-Cartridges-DX7000F/dp/B003QCMO1M/ref=sr_1_2?ie=UTF8&qid=1335098104&sr=8-23.50 for the ink really seems cheap. Of course, it won't be from the manufacturers themselves, as they are more expensive.
It doesn't necessarily have to be Epson, I'm sure there are cheap non-manufacturer cartridges for other printers.
As to how to fix your printer, I have no clue. But printers are really quite cheap now.