I'm not certain I can concur with your LG evaluation. I am very sorry to hear you are having such trouble. I don't understand what the belt would have to do with heating or lack there of. I find it equally difficult that belts are in a 6 week long pipeline. This is a quandry!
I do want to put a link and other resource information in here for you before I forget it. Don't go now ... continue to read comments - FixYa.com has many appliance part advertisers. Consider them when making repair decisions. www.repairclinic.com
is another excellent resource for parts. You no doubt have an appliance parts place in your town. Talk to them.
Though I have a rating of LG Expert here at FixYa.com, I am not intimately familiar with the innards of every LG model, including your model. I am not a factory trained technician and, I am not a FixYa.com employee - rather, I am a volunteer question catcher and I want to help you.
The lack of heat seems to be the major trouble here ... You say it is electric not gas. Electric dryers are normally very reliable. My Kenmore was more than 35 years old when I retired it. Anyway, with regard to the cooling light. I believe this indicates the HEAT is OFF (as we guessed already). I would expect this condition to be in effect during the last 5 minutes of any cycle (no heat). It could be that your timer has a fault in it. I don't know if yours is an electronic or mechanical timer (and neither do you, probably) I suspect it is electronic - mechanical timers are darn near bullet proof! Electronic can go bad in a 1,000,000 ways and act innocent of any wrong doing.
It could be that your machine uses sensors to determine the need for heat and the relative dryness of your clothing. There is that possibility these sensors are covered with fabric softener (lots of fabric softener in play with THREE KIDS clothes in the wash every week!!!) and they need to be cleaned (the sensors, not the kids). They could also be defective or disconnected. If you have a choice between 'sensor drying' or 'time based drying', I'd use the time based to get around the sensor problem.
It appears your LG repairman options are limited since there is only one in your neighborhood. And at three service calls, probably at $100.00 each, I don't think I'd be callling him back a 4th time. Particularly after he bad-mouthed his own product! There must be other repair guys in your area. Maybe give them a shot at it. Maybe one of them will come out on the basis of "Pay only if Fixed".
You are nearing the point of this machine being uneconomical to repair with many more calls. Dryers can be had for a few hundred bucks (nearly the amount you have invested in repair already in a machine that is still not working propely.) You may have to find the $ if you want to continue the convenience of doing the laundry at home.
If you do get a new machine, my free unsolicited advice is AVOID THE BELLS AND WHISTLES. Basic equipment has fewer things to go wrong, cheaper initial cost, and will probably earn its keep at a much higher rate.
I hope this information has been helpful to you, though probably not what you envisioned when you asked the question. I have enjoued the past 45 minutes or so, with you
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