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Lose first gear when cold?

307 auto. 85,000ks. Only happens in the mornings within the first kilometre...I get a clunk/jolt, dash warning sign (auto transmission fault) and first gear disappears. Restart ignition and all is well for the rest of the day.
If I do nothing will the problem get worse?
Is there a cheap fix? (Other than sell).
David Sydney, January 2014
you actially lose 1st 2nd and 4th. restarting reboots transmission computer. Pressire regulation fault will be the usual suspect. For specialist www.fedauto.co.uk

mags, January 2014
link Click here to see other fixes for Peugeot 307.