Derby LETS is part of a world-wide movement of LETS systems, and each local system operates with their own currency. In the case of Derby LETS we use WADS, which is short for ‘Wadeva’, so trades are carried out for WADS rather than £s.
The basic idea is that you ‘Offer’ goods or services that you enjoy offering to other people. Other people in the scheme who ‘Want’ the things that you offer will contact you to arrange a trade. So you will need to think about the things that you do that might be useful to others. Many people are initially concerned by the thought that they “haven’t any skills” to offer, but this is NEVER true. Maybe you could offer to look after someone’s pet or garden while they are away, or take in a parcel … the list is endless.
Wants and Offers are advertised in the Derby LETS Directory with all the contact details you need. The directory will show who is offering the sort of things you want, and you then contact them to see if they would like to trade with you. If no one is offering the thing you want, you can always put out a request to the group and see what happens.
You don’t need to do a two-way trade with each trader, as our currency sorts it all out for us. So you might give a service to one trader, and receive a service from someone else. For each trade you give or receive WADS are exchanged, and these are recorded by our WADS Treasurer.
If you decide to join, you will receive a unique LETS trading number, and a WADS cheque book and you can start straight away. You will also receive further advice on trading, which we’ve learnt over the years. In the near future, we will be looking at bringing in facilities for members who would like to do online transactions, which will make the whole system more efficient.