Frequently Asked Questions About LETS


Q) If I start with no credits, how can I trade?
No problems. All LETS credits are created only by trading. Everyone�s account starts at zero, but you can spend straight away from your account because LETS is interest free. In fact for the scheme to work, at any one time a number of accounts have to be in debit. You just earn credits by doing work for other people, whenever it suits you. So you may start spending immeadiatly. Your account can go into debit, but no interest is charged, and there�s no fixed repayment schedule. There are no credit or debit limits, but to deter freeloading the balance and turnover of all accounts may be published twice a year.

Q) What exactly is the credit, and what is it worth?
There are no physical tokens; the units you create exist only as figures recorded in the LETS accounts. They are simply a way of measuring the value of services given. So when you have received a service, write a credit note for the agreed number of units. And price your own goods and services in local units. In many schemes, one LETS credit unit is loosely related to �1.00. It does not have exactly equal value to the pound sterling, because its purchasing power is limited to what is available on the scheme. Some groups use hours, or other measures.
For more info see �Piers In A Nutshell�

Q) Am I supposed to find a direct exchange?
Not at all. the reason for having an account is to enable you to earn LETS credits from any member, and spend them as and when you like with anyone else on the scheme.

Q) How do I price my skills/goods?
The choice is yours. Look in the directory to see what others are asking for their services. or you could base your charges on an average hourly wage, market �going rates�, or leave them open for negotiation. low prices may attract trade and likewise if your prices are too high you may get less trade. You are entitled to charge more for difficult jobs, or a high quality of service. whatever rates you decide to charge, you can always revise them for the next directory.

Q) Do I have to trade when somebody calls me?
There�s never any obligation, it is entirely up to you whether to respond to a particular request. if you�re ever unsure about a person�s qualifications to do a job, either ask them direct, or call the LETS office. Make sure you are clear in advance about the price and standard of workmanship being offered.

Q) I don�t feel I have anything to offer...
Many people�s reaction! One great advantage of LETS is that it helps people realise they do have things to offer. Whether they are skilled or not, their time, resources or equipment will be of value to someone. Just a few examples are artwork, house-minding, gardening, shopping, cooking, hiring a room, tools, books...Start by asking yourself what you enjoy doing. Or sit down with a friend and tell each other what you are good at....Or look at the inspiration list for ideas.

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