EM Light on - please advise

Hi, I have a K12 1.2 SE 2003 and recently the EM light came on permenantly. The local garage diagnosed the error code as Camshaft position Sensor. So, had the sensor changed, but the EM light came straight back on...so I am thinking this is the dreaded Timing Chain problem! :(

Can you advise me, am I damaging the engine by running it with the EM light on? The car is very sluggish when cold, but after 30 secs is fine, it is NOT in safe mode, and revs are not limited. I have not noticed any reduction in power and no increase in fuel consumption.

I guess what I'm asking is - am I doing any lasting damage by ignoring the light, or should it be fixed properly...I don't think the car is worth the cost of a new timing chain, to be honest.

Your help is much appreciated.
 
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