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What causes a screeching noise during the spin cycle?

My Simpson Eziset 550 makes a screeching noise during the spin cycle. Can you give me an idea what the problem is and can I fix it myself?
Also it appears that the top ring around the tank has dropped. Should this be so?
Baz, January 2013
Could be the main bearings or could also be the tub seal which can dry out and give a rubber on steel dry squeel usually as it slows down at end of spin. Either way the two bowls have to be removed completely from the cabinet and stripped down to remove the gearbox.

Lincoln Appliance NZ, January 2013
link Click here to see other fixes for Simpson.