Does it sound like hell when its idling?? and then becomes a clang and knock sound at higher RPMS? It sounds like the exact same problem I had with my colt. The harmonic balencer is going on your car. The inner part is banging against the mains. Did it start off as a light knocking noise and when you shut it off it would make a knocking noise as the engine came to a halt? and it is eventually getting worse (sounding like you blew a lifter on a V8 or the bottom end of the engine is flying apart?). Thats what the problem is. If the harmonic balencer is simular on the 1.6 to the 1.5, the gear that turns the timing belt is attached to the back (thats whats bangin against the block and causing all the noise. But with it being loose its what drives the cam, it will cause your valves not to seal and your timing to be off a bit.
It made me sick listening to the thing because my engine was running soo smooth and beautiful and then all of a sudden.... knock knock knock knock, it sounded like a damn desiel. Then my uncle took the valve cover off to see if it was the valves, and put the bolts back on but didnt tighten them or tell me that he didnt, so 2 kms from home my engine was smoking like a b**ch, I open the hood and see 3/4 of my oil sprayed all over my engine compartment (stank like H*LL for the 2 weeks following). So I went to the wreaker and picked up a used Harmonic Balencer and put it on. Started her up and she purred, went to take it for a drive and it was gutless, reason being my cam was retarded 5 degrees and I had adjusted my timing to compensate. So what was happening was the exuast was opening on the power stroke robbing me off all the power. So I straightened that out and my car has been running perfectly for the last 3 months and I put 2500 k on it every 2 weeks.
Hope that helps. If you have anymore questions like that just give me a shout at
travisanema@hotmail.com.