Welcome to the forum. Get a member's ride thread posted up with pictures if you're gonna stick around.
They do have both. The chain is on the passenger side around the camshafts and stretches over time. Complete failure, I think, is rare if not impossible. Nothing to worry about until it starts making a racket or check if it's stretched using VCDS or OBDEleven.
I changed my timing belt nearly 3 years after buying the car putting the belt at about 7 years old including water pump. Cost me £300 to do myself including engine mount stretch bolts and OEM VW water pump.
The cam follower in the high pressure fuel pump is one of the first things I changed for about £50. If these fail, they chew up the intake cam lobe and you'll end up needing a new camshaft.
Don't forget about general servicing too.
Besides that, enjoy the car.