LETS (Local Exchange Trading Scheme) is a means of trading time and skills. We are part of a worldwide movement of trading schemes.
Each member of the scheme has a LETS directory which details lists of Offers and Wants from all the members. Offers are activities that a LETS member enjoys doing and is willing to do for others, and Wants are other activities that need to be done, but that member cannot or does not want to do.
Payment in LETS
LETS members pay each other for services rendered with a local currency (known as “Wads” in Derby) that can be used to buy other services. This currency cannot be exchanged for “normal” money and can only be used within the local LETS system.
LETS is in fact a more formal system of what happens among friends; the advantage of the formal LETS currency is that it increase the range of people who might want to trade time and skills. Wads that are earned from one member can be spent with anyone in Derby LETS, not necessarily with that same member.