I would not of thought that you can remagnetise it, The magnet would be a permanent magnet, the 6 wires will be from the windings, My fist guess at the problem would be the switch or cutout, if it is 110/230 I have know the switch for change over to burn out, You need to open up any panel, If you have not done so, and do a voltage check, start at the output socket, and work back. Also a good look around, to see if any obvious burn marks loos wires etc
SD, September 2011