Local people formed this group in 1997 to trade amongst themselves, using cashless credits and their own system of accounts. A directory is compiled online comprising of members’ contact details with the goods and services they would like to exchange. Members can advertise as many ‘offers and wants’ whenever they wish.
Members do not swap goods/services directly, they trade with each other using their ‘LETS’. You pay for any goods/services by writing a ‘LETS cheque’ for the agreed amount you can earn, or spend, up to 100 LETS. As your turnover increases this limit is increased to 10% of your current turnover. LETS are interest free. You don’t need to earn LETS before you spend them. Being in minus is your commitment to help others in the system when you can
The ‘LETS cheque’ is posted online or on the local LET-terbox (currently in Forres community centre or Phoenix shop in Findhorn) or sent directly to the local LETS administrator, who adjusts both members accounts. You can see your transactions and statement on the website at any time.
Moray LETS is non-profit making and interest-free!
The membership fee of £10 covers all the material costs for items such as paper, printing, postage and telephone charges as well as other essential sterling costs. The core group and others who work for the scheme are paid only in LETS at 15L per hour. This is met by a small quarterly charge from each members account of 8 LETS per quarter.
We’re an open and ethical organisation and accounts are open to all members for inspection on request. The Core Group are elected by you, the members, at our Annual General Meeting. There’s a social side too, with regular parties, events and Trade Fairs four times a year. These ere invaluable for helping members trade their goods and services, to meet each other and to have fun! Any member Is welcome to organise an event.
Frequently asked questions about LETS
LETS stands for Local Exchange Trading System. There are local LET Systems across the UK.
LETS encourages local people to trade with each other even although they have little spare money. Without the burden of interest rates and other charges it allows the wealth created to remain entirely within the local area. LETS also helps local organisations and charities, allowing them to earn credits through their fundraising activities to ‘buy-in’ help from the wider community even though funds are tight.
LETS helps small businesses and shops increase their customer base, and therefore turnover and extend their cash flow, Many businesses already use barter networks to do this but with LETS the service is not only cheaper, but since the credits can only be spent locally, the customer comes back again and again. LETS also creates new demand since people who could not otherwise afford to buy can afford to pay partly in LETS. Other participating businesses and suppliers can also be paid in LETS. A number of new businesses, full and part time have started through LETS, assisted by the interest free credit and supportive network it offers.
No problem. All LETS credits are created 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 system to work, at any one time a number of accounts have to be below zero. You just earn credits by doing work for other people, whenever it suits you, so you may start spending immediately. No interest is charged and there’s no fixed payment schedule. Members balances and turnover are published in the directory so as to encourage fellow members to offer work to those who need it.
There are no physical tokens – the credits and debits you create only exist as figures recorded in the LETS accounts. They are simply a way of measuring the value of services given to others in your local community. When you receive a service you write a credit note for the agreed number of units. One LETS credit is loosely related to £1 Sterling. It does not have exactly equal value because its purchasing power is determined by what is available.
Not at all. The reason for having an account is to enable you to earn LETS credits from any member, and spend them when you like with anyone else on the scheme.
There are no physical tokens – the credits and debits you create only exist as figures recorded in the LETS accounts. They are simply a way of measuring the value of services given to others in your local community. When you receive a service you write a credit note for the agreed number of units. One LETS credit is loosely related to £1 Sterling. It does not have exactly equal value because its purchasing power is determined by what is available.
Most peoples trading on LETS is well below the taxable income threshold. People do irregular odd jobs e.g. repair work for one member, gardening for another. This ‘social favour’ level of trading is not of interest to the tax authorities. There is no record of anyone in Scotland having benefits stopped as a result of working on LETS. If you are on benefits you should should trade below 16 hours per week to keep your benefit entitlements and demonstrate that you are available for work. In fact many unemployed people find work by demonstrating their abilities through LETS involvement.
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, or leave them open for negotiation. Low prices may attract more 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.
There are no physical tokens – the credits and debits you create only exist as figures recorded in the LETS accounts. They are simply a way of measuring the value of services given to others in your local community. When you receive a service you write a credit note for the agreed number of units. One LETS credit is loosely related to £1 Sterling. It does not have exactly equal value because its purchasing power is determined by what is available.
Most of us do! LETS can always be used along with cash. Ask for the cash required to cover the cost of materials, petrol etc. or for a proportion in cash (e.g. 10%). Only the LETS part is recorded on your account.
There’s never any compulsion, it’s entirely up to you whether to respond to a particular request. If you are in debit you are obliged to do what you can to help others when asked. If you’re unsure about a person’s qualifications to do a job, either ask them directly or call another member or a LETS Core group member for a recommendation. Make sure that you are clear about the price and standard of workmanship being offered.
You can earn credits and usefully support the system by offering the hire of equipment and assets which others may need. such as a washing machine, computer, photocopier. room for meetings etc. You can also sell all kinds of goods for LETS such as clothes, records, unwanted domestic items etc. or, if you have money but no time you can exchange cash for LETS to help the systems running costs. Some members offer all kinds of things you cannot get in the shops. There may be jobs around your home that you cannot find time to do, which someone on the scheme can help you with.
Minimise the chances of misunderstanding by agreeing clearly-in advance thep rice, time-scale and expected standard of work. Ask about qualifications andfor experience. You can also speak to others who have used that persons services. LETS, like any other service directory cannot take responsibility for the quality of what is on offer. so if in doubt, check it out. If you have a problem or are unable to reach agreement, contact the LETS Core group for help.
Q) A) You can earn credits and usefully support the system by offering the hire of equipment and assets which others may need. such as a washing machine, computer, photocopier. room for meetings etc. You can also sell all kinds of goods for LETS such as clothes, records, unwanted domestic items etc. or, if you have money but no time you can exchange cash for LETS to help the systems running costs. Some members offer all kinds of things you cannot get in the shops. There may be jobs around your home that you cannot find time to do, which someone on the scheme can help you with.
The more people who join the scheme, the more effective it becomes; encouraging more local trading and greater variety. To promote its expansion, members receive 5 LETS for every friend they introduce.
Inspiration List: Ideas to get you started
Home and Domestic
- Shopping
- Returning library books
- Help with forms
- Kitchen helper
- Use of washing machine
- Use of carpet cleaner
- Carpet cleaning
- Window cleaning
- Spring cleaning
- House-moving
- Help with kids parties
- Extra help when you’re ill
- Ironing
- Shelves put up
- Plant care during holidays
- Pet sitting
- Dog walking
Food
- Home baking
- Freezer meals Candle-lit dinners
- Bulk buy food co-op
- Garden vegetables
- Free range eggs
- Local honey, beeswax
- Home grown herbs
- Jams & Pickles
- Food mixer for sale
- Novelty Cakes
Clothing
- Clothes repaired
- Curtains made up
- Colour & style advice
- Costume making/hire
- Darning & embroidery
- Ski boots to rent
Arts & Crafts
- Greetings cards
- Posters, leaflets, DTP
- Cartoons & illustrations
- Old picture frames wanted
- House portraits
- Batik, fabric painting
- Candles
- Jewellery
- Face painting
- Darkroom/Studio Hire
- Use of kiln & wheel
- Pottery commissions
- Photography
- Video camera hire
- Art & Craft afternoons
- Papier mache
- Paintings & sculptures
- Disco, Band Hire
- Guitar,
- Piano, Singing,
- Voice, Dance lessons
- Poems for birthdays
- Story-telling, comedian
- Marketing of crafts
- Use of recording studio
- Band seeks practice room
- Audio & video
Building
- Electrical repairs
- Electrician
- Video recorder advice
- Joinery, carpentry, plastering,
- Plumbing, central heating
- Energy saving advice
- Architectural design,
- Skip, scaffolding hire
- Saws, chisels sharpened
- Walls & fireplaces built
- Pianos moved
- Gutters cleared
- Household repairs
Gardening
- Seedlings & cuttings
- Garden tool hire
- Lawn mowing
- Use part of my garden for an allotment
- Fencing erected
- Tree surgery
- Garden design
- Patios & paths laid
- Garden shed wanted
- Chicken house built
- Logs chopped
- Compost heaps made
Making the most of Moray LETS
Use this guide to prepare your ads and get yourself thinking about your wants and offers.
Think of the things you love doing or are skilled at doing, Eg, painting, organising things, cooking, writing, growing plants and make a note.
Now think of the things you’d like DONE for you, Eg, cleaning, windows, filling out income tax forms, car repairs, shopping, cooking, etc, and make a note.
Think of any ITEMS that you have which you could SHARE with others, Eg, your lawn mower, washing machine, fax, computer, videos, bike, spare room, etc.
Think of any ITEMS which you might wish to SELL – garden produce, crafts, unwanted clothes, books, toys, equipment, bric-a-brac, furniture, etc.
Now think of any ITEMS you may wish to buy or HIRE with LETS and note them too.
Finally, circle the items that you feel will be of most interest to other people or those that you require most. Use these to make up your ads in the online directory.
You can add or revise your entries at any time by logging in to the website.
Sign up now