Bill, if the wet belt is 10 years old, it needs changing and the cost is often around 1000 pounds on these Fords. If the teeth do begin breaking up, they go straight into the oil pump that is running beside the belt and the engine gets no oil.
Belts degrade with age or mileage and generally need changing at about 50-60,000 miles to be safe. 7 years would be my limit on a rubber belt in oil.
Finding a one man band good garage will get it cheaper but often, these one man bands will pretend to change the belt. Not all of them but some around my area do. You really do need a trusted garage these days when 1000 pounds is up for grabs. These 1 litre engines are regarded as Fords greatest mistake. Good if you only own it 5 years.