Squeaking noise from clutch?

[blazeguarder]

I've just noticed that the clutch on my 1.4 Polo is making an incredibly irritating squeaking noise whenever I engage or release it. It doesn't seem to be coming from the pedal, but instead from underneath the car. There's no problems with changing gear or anything like that, it's just an annoying noise.

Has anyone got any ideas what this might be? Given that it seems to be a mechanical issue I'm slightly reluctant to fix it by turning the volume up to full...

Thanks in advance