Learn More about LETS

Learn More about LETS

The key concept in Local Exchange Trading Schemes is "Mutual Credit". All members have an account in the system, and the sum-total of all accounts is zero. Members can transfer credits from their own account to acknowledge another member for ie goods or services received (subject to any credit limits to avoid imbalances). In the old paper-based systems, this was done through a central accountant: our online system enables members to transact online, but we can still use cheques and vouchers if facilities are provided centrally to process them.

Most LETS groups had printed Listings involving a heavy workload, so the hope is that with members managing their own profiles and payments it spreads the load. The reality is that a lot of support is still needed, partly because the basic concepts are so radical, and also because individuals lack confidence. Social meetings to enable members to meet up are very helpful, as well as individual support to help some members find what they need in the system, so running a LETS is a team effort.

We are putting individual LETS groups online if they make a request for this, but where there is no surviving group in a county our strategy is to host a single platform, which enables members to find others living nearby. We aim provide training and support for members who are inspired to take on central roles as well as those who are supporting others locally. From the mutual base, credit can be extended to the community by means of special funds for particular projects and localities. However, these require a high level of co-operation and management - but our aims are high - and we look forward to welcoming many new members.

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