There are two timing belts. The rear one drives the injection pump. If either breaks your car won't start, but if the front one breaks your head is toast. If you're not hearing any horrible rattling noises of valves hitting pistons and such, your belts are probably okay. I'd instead focus on what badge988 has to say. I'd also suspect that if you're seeing smoke you're getting fuel and your filter is probably okay.
With poor compression, it may very well take only one or two failed glow plugs before your car won't start in cold weather.
- alex
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