This morning my 1985 240 DL wagon had belts screeching and then both break off. These are the belts that go around the alternator, fan, water pump. I am going to assume that either my water pump went bad and froze or the alternator froze. I was still able to hand spin fan.

What do you think?

The fan will hand spin at any time due to the fan clutch.

With the belts off, the alternator should spin pretty freely. Listen to it as you turn, for sounds like siezed bearings, or something screwed up with the brushes. If just the brushes you may be able to replace that unit and be OK. Bearings are a PITA to replace, especially since the back one is a bushing.

If $$$ are tight, get another alternator at a junkyard, from another B230 engine like yours is (yours isn't a turbo, right?)

Failure of both belts alt-pump-crank is unusual, IMO.

Be sure when replacing to use a matched set. I find that the Volvo belts will always be a matched set, those at a parts house will not.

Good Luck,

Bob

:>)