Yes, the contacts can be the problem.
You can diagnose this by looking at the display on the MCP;
If it lights up when rotating the wheel, the contacts are fine and vice versa.
If it lights up but doesn't actually change volume, the fault
lies elsewhere, most likely in the optical pulse readout
from the wheel.
Parts are available for this but err... not exactly as cheap as Chris'.
The contacts will have to be taken from a donor MCP, I suppose.
Martin