|Welcome to Isle of Wight LETS
|What are LETS?
Local Exchange Trading Schemes enable people to exchange their time
and skills with each other without money. Groups adopt a particular
name for their own local currency. The common currency for UK groups
is the "link", and we will adopt this name for the time
being. LETS encourages mutual help in the community and the possibility
of creating an "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, which are
transferred online or by writing out a LETS cheque paid into and
debited from members personal accounts by the LETS trading
accountant. Vouchers can also be used - especially for trading days.
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 scheme is managed by an elected committee.
LETS is non-sterling, interest-free and debt free
a local skill-sharing pool an enriching, supportive
a cash-saving resource bank for charities and organisations