How does LETS work?

How does LETS work?... Please read our information on Privacy & Cookies
LETS stands for Local Exchange Trading system. People in a community form a club to swap goods and service amongst each other. For instance, person A may do 3 hours gardening for person B, who does 3 hours typing for person C, who may do some sewing for person D, who may do some baby-sitting for person A. So each member has both given and received a similar amount of work from other members.

But, they haven't been direct two-way swaps as in ordinary barter, where trading can't occur unless two people happen to each have something the other wants. In a LETS, Each person lists what they have to offer and what they need (and they can update this on an ongoing basis). These listings are entered in a Member Directory together with the account number, contact details, and balances, and sent to all members.

Using the Directory, the buyer contacts other members in order to trade. In the original paper-based system, they would write a LETS cheque in the Community Currency (in Harrow it's called Harmonies) to acknowledge whatever goods or services they have received. The member receiving the LETS cheque sends it to the local LETS Accountant who keeps a record of all transactions. A list of members' trading figures are sent to all members on a regular basis, as are directory Updates - and may be viewed on the website.

With an online system, all this is done on the website. Members who have internet access can take care of their own updates and and transactions. For members who prefer to receive information in printed format, the listings can be printed out and posted to them (as long as we have sufficient capacity on the Core Group to provide this service).

One main advantage of LETS is that it helps people realise that they do have something to offer, so it encourages mutual support, rather than one-way volunteering. Whether they have skills or not, each member's time, energy, or resources will be of value to someone. Just a few examples are, shopping, lifting, cooking, cleaning, houseminding, lending home equipment, tools, or meeting space. Start by asking yourself what you enjoy doing or look at the Directory to see what other members are already offering.

You may also, as a visitor, attend one of our regular Bring and Share parties, walks in the park, or zoom sessions - for forthcoming dates check your email or News & Events.


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