What's LETS

What is Lets?

LETS stands for Local Exchange Trading Scheme. It is a non-profit making local scheme, in which people can trade goods, services or other resources with one another, without the need for money, interest payments or credit.

LETS is more flexible than bartering. You can start using the services offered straight away, and you do not have to wait until you have credits in your account to start trading.

Local Currency:

Camborne and Redruth LETS Trades in CARTS (Camborne & Redruth Trading Scheme) one CART is the equivalent to £1.00 sterling (as a rough guide).

Common Queries About Lets

Do I have to pay tax?
No need to worry. The vast majority of trading through LETS is of the 'Social favour' type, which is not liable to tax. Benefits are not usually affected either.

I Donít feel I have anything to offer.
Many people react this way. One of the main advantages of LETS is that it helps people realise they DO have things to offer. Whether they think they have skills or not, their time, energy and resources will be of value to someone. Just a few examples are: shopping, a pair of muscles, cooking, cleaning, waiting in for the meter man, lending tools or equipment, pet-minding, gardening plus lots more.

If I have no carts, how can I trade?
No problem. Everyonesí account starts at zero. All LETS currency is created by trading. You just earn Credits (favours) to balance your account when it suites you. For the scheme to work, about half the accounts will be in debit at any one time, so you can start spending immediately. Your account can go into debit but no interest is charged and there are no fixed repayment schedules.

Iím working full-time how could I benefit?
LETS offers all kinds of things you just couldnít get in the shops or through yellow pages, a`granny` for the children,ironing, lawn mowing etc.) There may be jobs around the house you donít like doing, or for which you donít have time. These may be offered by someone on L.E.T.S..Use the time this saves to do something you prefer.

I Still need cash.
L.E.T.S. can always be used along with cash. You can ask for part cash (e.g. 25% cash 75% CARTS) or enough to cover the cost of Materials, Petrol or other cash costs. Only the L.E.T.S. part is recorded in your account; (the bulk of trading should aim to be in Carts).

What if Iím not satisfied with someoneís work?
To minimise the chances of misunderstanding, be sure to agree clearly in advance the price, time scale and standard of work. If in doubt, ask about qualifications and/or experience. You could also speak to others who have used that person's services. The LETS SCHEME, like any other Directory, cannot take responsibility for the quality of what's on offer, so if in doubt, check it out first. If you have a problem and are unable to reach agreement contact the Co-ordinator for help.

What's The Catch?
There is no catch with LETS. The catch is with sterling money we use every day, or that is borrowed from a bank, for example did you know that around 50% of the cost of everything you buy has hidden interest charges on borrowed capital? LETS currency isnít like that, It's totally different.

It stays local, where itís available to help you and your neighbours rather than zooming off round the world to make more profits for the speculators.

LETS schemes can really change the way you do things, LETS benefits the whole community, those in work, or unemployed, school leavers, senior citizens, single parents, new business ventures, small businesses, shops, community groups, the list is endless.

Trading through LETS is so much more sociable and fun too!