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What is
LETS?
LETS
stands for Local Exchange and Trading Scheme, which is a modern
barter system. People can use it to exchange their skills, services
and goods without using money. There are many successful LETS
schemes already operating in the UK. Trading schemes bring the
community together, build trust and put people in touch with local
skills and resources.
How does
it work?
Each
member has a special LETS chequebook and a copy of a directory that
lists the services of all members. Simply look for the service you
need, phone or e-mail the member concerned and negotiate a price. LETS
currency is created by trading, so by doing work for another member
you earn currency which can be spent on services provided by any
other member of the scheme.
What is
the currency?
Each
LETS group has its own name for their currency. In Cheltenham, we
call ours Chelts and Spas. One Chelt is one hundred Spas and is
roughly equal to £1. Prices are negotiated between members concerned
(and can be partly in money). You may go into the red if you wish.
By spending Chelts you are helping another member to earn them.
Unlike banks, no interest is charged if you are in the red!
Who keeps
the books?
Members receiving LETS cheques send them to the LETS accountant who
will credit and debit the appropriate accounts on the computer.
There is a small transaction charge payable in Chelts. Statements
are sent out every so often.
What if
somebody leaves the scheme?
If a
member leaves the scheme, their account must be zero or in credit.
The scheme is self-regulating in practice. Members are trusted to
use it fairly and, as the accounts are published from time to time,
group members can see how others operate their accounts.
How do I
join?
Look on-line
for a membership application form. Read the LETS guidelines, complete the
application form and send it with your membership fee to the
Membership Secretary.
Annual membership fees per person are £5 or £3 concessions and per
couple £8 or £5 concessions.
What can I
offer?
Anyone in the local community can become a member of LETS. All kinds
of services, skills or even goods can be offered on LETS. Everyone
can do something useful, whether it is a trade or profession like
plumbing or legal advice, or it is help with the ironing, gardening
or babysitting. If you need ideas, just think about what it is you
like doing. Maybe you have a van to hire, a ladder to lend or just
some muscle to get a wardrobe upstairs. LETS is all about
flexibility and diversity.
What’s in
it for me?
A
variety of skills and services are available in LETS, from pet care
to computer services, language tuition and translation to
babysitting. Our directory lists the available services.
What
happens next?
When we receive your completed application form and membership fee,
we will send you a chequebook and a copy of the directory so that
you can begin trading straight away.
How can I contact Cheltenham LETS?
Telephone: Cim 01242 245506 or meghozier@hotmail.com
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