to V-belt or not to V-belt

[Tessie McMillan]

Hi listers -

I have an unholy disgusting squealing/rubbing/shrieking noise emanating from
what seems to be underneath and in several places in my engine compartment.
The sound has gone from being present only at stop lights (when it sounded a
little like a bad belt) to being a constant loud noise (now sounding like
nothing you want to listen to). This is my '88 80 Q.

The noise started a few months after I lowered the car. At the time, I was
unable to replace the plastic under-panel because it would scrape too badly.
The noise seems to be related to driving through the rain -- at least it
first started after a really bad rainy period, and then has gotten seriously
worse in our recent rainstorm. During the summer it went away.

Someone mentioned a "V-belt" to me. Why would that be a problem and how
would moisture be involved? Would not being able to replace the plastic
under-panel have anything to do with this? Since the 4000s don't have the
underpanel, I didn't see anything wrong with not replacing the one on my 80.
Is this something that needs to be replaced? Or lubricated? Or tightened?

Thanks for your help!

Tess
in Seattle WA, USA