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Clothes dryer repair

Our dryer is only a cheap warehouse one but is only two years old and has stopped working. It used to take 4-6 hours to dry, but now will run for less than 10mins and beep that it is finished. It also appears like a seal has come off from the inside which may have something to do with it. Because it is a cheap dryer we are contemplating whether it is worth fixing or better to upgrade but will need repair quotes to decide. I have attached a screenshot of the type of dryer it is. Thank you