Howard,
For your sake I hope it isn't the pump, but if it is then that silver lining may be fairly large; changing the belts is at least 80% of the work of changing the waterpump, and hence the only extra cost you would be facing would be that of the pump itself ... OK, that's not cheap, but it could be a chunk worse. And changing the pump is one of things that may be recommended every other belt change anyway.
(My pump went about 800 miles after the belts were changed ... the wrong way 'round entirely.)
If you do end up changing the pump then make sure you (or your garage) shops around for the best price. I got mine from a German eBay supplier for around £175, delivered. (Called 911teile, should you want to contact them.) This was less than a third of the OPC price. Yes, less than a third. I did type that right.
Keep us posted with the result.
Oli.