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Richmond Online Community Portal » Richmond & District Local Trading Exchange System

Richmond & District Local Trading Exchange System

What is Local Exchange Trading?

LETS is a voluntary, non-profit making association of local people which enables them to exchange skills and services without using cash. This is a modern and versatile version of the bartering system.

Instead of cash, it has its own unit of exchange; in Richmond LETS the unit of exchange is the Cobble.

Members enter the goods and services they are offering or seeking in a Directory, and contact each other if they want to engage in a transaction.  When someone provides you with goods or services, you pay them in Cobbles, and your Cobbles account is debited; when you provide others with goods or services, they pay you, and your Cobbles account is credited.

Because no interest is charged on debit balances, you needn't worry about going into 'debt' - you can 'spend' what you want, and earn credits to restore your balance at leisure.

Richmond LETS also organizes  social events where friends and family are very welcome.

How does it work?

Suppose you have a lift to the station at a cost of 5 Cobbles (C5) plus petrol costs; your account is debited by this sum.  Your driver will go off and spend his C5 with other members on garden plants, home-made chutney, DIY help or whatever.  Meanwhile you can reduce or eliminate any negative balance by charging other members for your goods and services.  You might make C10 from babysitting, C25 from selling a bookcase you have made and C15 from hiring out your carpet cleaner.

Because the central accounting system keeps track of your credits and debits, you don’t need to do a straight swap.  You can 'buy' from one member now and 'sell' to someone different later on; this is one reason why local exchange trading is so much more effective than the traditional barter system.  To help you regulate your trading you can make Cobbles payments online, and view statements of your transactions and your current balance.

Benefits

  • The system permits a genuine form of interest-free credit. It helps you make ends meet and improves the quality of your life by giving you access to goods and services as and when you need them. You can pay for them at your own pace.
  • It encourages people to maintain and develop skills and resources which might otherwise go to waste.  Whoever you are, YOU WILL FIND THAT YOU HAVE SOMETHING TO OFFER!
  • You can use the system as much or as little as you wish, and charge in a combination of Cobbles and Pounds Sterling.  If you would like to start your own business you can test out demand for your services cheaply and easily.  If you are unemployed you can make use of your neglected talents or discover new ones.
  • You will develop a wider network of social contacts in your local community. Through trading you will forge links with people you might otherwise never have met.  Regular social events are held where people meet and trade.

You can make Cobbles payments online, and view statements of your transactions and your current balance

Visit our web site: www.richmondlets.org.uk

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Contact information for this organisation:

Jackie Snow Co-Ordinator Tel: 01748 825732 Email: jackie.snow1@ntlworld.com

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