How LETS Works

You join by filling in the application form – simply complete your contact details and list your Offers and your Wants. These are priced in equivalent local currency. So if the item is valued at say £10 you ask for 10L.

You will receive the current Newsletter and Directory of members ads including their contact details. You will also receive your LETS chequebook for you to pay other members for goods and services.

When you receive a cheque payment, you simply post this in the LETS Post Box in Forres Community Centre (or send them to the Administrator). Accounts are credited and debited. Every week the new Balances and Contact information is updated on facebook. You will also receive a paper Statement every three months which itemises all of your transactions and current ads. Every year each member receives this Annual Newsletter. Folk not on facebook also receive the list of Offers and Wants and Members Contacts.

Initially you receive a credit and debit limit of plus or minus 100L. (You can earn or spend up to this limit without penalty). Unlike barter you do not need to find a reciprocal exchange with any individual member. You earn LETS from anyone and can spend them with anyone. As you earn and spend, your trading turnover increases. (If you earn 150L and spend 100L your balance will be 50L and your trading turnover will be 250L.) Once you achieve a turnover of 1000L your exchange trading limit increases to 10% of your turnover. So if you have earned 1000L and spent 1000L your balance will be zero, your turnover 2,000L and your Exchange limit becomes 200L (10% of 2,000). This continues up to a maximum limit of plus or minus 1000L. No interest is charged or paid. (32 account holders have now earned the maximum trading limit.)

If you decide to leave the system, you must rebalance your account to zero. (Spending the LETS you have earned with other members or earning them back.) You can also choose to pay off any debits at that time with cash. Your account must remain open for other members to see until your balance is zero. It’s simple, fair, open and transparent and very efficient.

 

LETS Trade Fair poster

LETS Trade Fair poster

LETS Chequebook

LETS Chequebook

Deposit your cheques in the LETS box

Deposit your cheques in the LETS box

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