Timing Chain replacement or cam sensor? 103K mile 1.4L

Hi everyone

My girlfriends engine light came on recently and she's had the codes read: P0340 (cam position sensor) and also P0011 (intake valve timing).

Her car is a 1.4 SE, its done 103,000 miles without any problems. She says the power is down generally, and occasionally the power drops quite a bit.

I've read that the timing chain is liable to stretch, so its most likely that. But I've just got a feeling that if it was going to stretch it would have done it a long while back, and whether it might be just the cam sensor that has gone kaput? What do you think, would it be worth taking a punt on a new cam sensor? How much are they?

The car is only worth £1000 so she might end up scrapping it which is a shame.
 
Cheers, I'll do that tomorrow.

I've just seen this thread: http://www.micra.org.uk/threads/changing-timing-chain.44522/

Edit:

Just popped outside to see where the cover is, I can see it OK but there seems to be a pretty substantial "C"
shaped piece of metal with some pretty large bolt heads in the way. Its sort of horizontal to the left of the engine. Do you have to remove this piece to get access to the cover?

Edit #2:

Also noticed a broken ground wire, from just above the alternator to the left side of chassis. Looked to have been broken for quite a while. Wonder if this could cause a problem for the cam sensor which isnt that far away from there...
 
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