About Severn LETS

What are LETS?

LETS stands for Local Exchange Trading System. It is a scheme for bartering skills and goods between members using a local currency; in this group, the currency is called 'Shrews'. Unlike a one-to-one system, you can earn Shrews from one member and spend them with any other.

LETS schemes are non-profitmaking groups run for the members by the members. The system is managed by a 'Core Group' who produce a directory of goods and services available through the scheme, and maintain the accounts. They also help organise occasional social/trading events.

What are the benefits?

LETS schemes offer an opportunity for people to exchange skills and goods without using money, and to meet socially. This helps members prosper - and you can use the cash saved for other things!

What services can be exchanged?

The following are just some examples of the goods and services offered or wanted in LETS directories around the country:

Carpentry • Hairdressing • Plastering • Car sharing • Ironing • Bicycle repairs • Weekend childcare • Babysitting • Home made jam • Window cleaning • Gardening • Homeopathy • Van hire • Piano lessons • Welding • Car repairs • Dog walking • Knitting • Piano tuning • Plumbing • Firewood • Electrical work • Massage • Organic food • Desktop publishing • Languages • General DIY work • Tai Chi • Massage • Counselling • etc., etc., etc...

Who can join?

Any individual, young or old, employed or unemployed, retired, able-bodied or not, can become a member. Everyone has something to offer whether it is time, knowledge, skills, equipment or a service. Groups or businesses can also join.

How does it work?

In the SevernLETS system, the currency is called the 'Shrew' ($). There is a suggested minimum rate of $5 per hour.
1. On joining, members are shown how to use and update the online LETS Directory, Timesheet and Transaction System. Anyone needing ongoing help with matched with a Buddy.
2. Members use the Directory to arrange trade and agree charges (Shrews only or Shrews and cash).
3. Members who are online can make payments through the website. If there is delay before the payment can be made, they can keep an interim Timesheet or Shrewcheques and send them into the LETS Accountant.
4. All new members are given a bonus of $20 to encourage trading.
5. No interest is paid on accounts in credit, or charged on accounts in debt (called being 'in commitment' in LETS schemes).
6. For a LETS scheme to work, some accounts have to be in commitment and these accounts are still able to trade.

What does it cost to join?

To cover the cost of stamps, paper etc, there is a joining joining fee of £5. Same charges for joint members, who receive one copy of any mailings between them. In cases of need, the joining fee may be taken in Shrews.

Shrew ($) charges

The administration of the scheme is paid for by an annual charge of 12 Shrews on each account, which will be taken at the rate of one Shrew per month.

Now read the Severn LETS Members Agreement. Ruth will make you a unique teddy