Hello Dan. Welcome to Beoworld!
It sounds like a electronic failure. I am afraid that it could be difficult to fix. I have also had a 5500, it is a fine machine, and such failure is quite rare I think. I just don't know that much about these decks.
-Søren
Beocenter 9300, Beogam CD50, Beocord 5500, Beomaster 3400, Beomaster 4400, 2 Beogram 4000, Beomaster 8000, 2 beogram 8002, Beovox S-75, Beovox MS150.2, Beovox RL6000, Beovox S-35, Beomaster 6000, 2 Beocord 9000, Beocord 8004, Beocord 5000, Form 1, 2x Beolink 1000, Beo4, MX3500, LS4500. Born 1993.