burning rubber smell

seert

I have Hoover DYN 8124D 8kg load, 1200 rpm, washing machine, not sure how old it is, anyway, was doing a wash there now and went to put it on fast spin.
The machine started ok but then there was a sound like a ratchet and then this smell of like rubber burning. I didn't turn the machine off as the cycle is 7 minutes, I kept an eye on it, at the end of the cycle the machine goes in to a high speed spin, this last part didn't really happen and still had the burning rubber smell.
When the door unlocked I checked the clothes and they were still quite wet so it seems like the spin didn't rinse the water out although the drum was going round.

Any ideas what this could be?
Do i need parts?
Could I refit these myself or is it better to replace the machine?

Alter_ego

Sounds as though the drive belt is the problem,