|What are LETS?
Local Exchange Trading Systems are a way for people to exchange their
time and skills with each other using a local currency (Norfolk LETS
uses "links"). It encourages mutual help in the community and the
possibility of creating a, "alternative economy" based on need.
How do LETS work?
Members identify skills
they wish to offer and their current requirements for goods and
services, which are listed and circulated in a directory or via
a LETS web site.
Members contact each other directly, arrange a trade
amongst themselves and agree a price in LETS credits known as Eals
in our system which are transferred online or by writing out a LETS
cheque paid into and debited from members personal accounts
by the LETS trading accountant.
Members may view or receive statements and newsletters, and
social events take place, often hosted by individual members, where
people can get to know each other and discover new opportunities
The system is managed by an elected committee.
Norfolk LETS is non-sterling, interest-free and debt
a local skill-sharing pool an enriching, supportive
a cash-saving resource bank for charities and organisations