GP Lets, Q&A

GP LETS – Q&A:
So, what is a lets scheme?
LETS (local exchange trading schemes) are all about exchanging goods and services without the need for cash.
Ok, now you’ve lost me.. how do you pay for stuff then?
Right, you trade using wooden dollars. This means you can buy and sell without having to swap, as such. The way this works is someone keeps a spreadsheet, and every time you trade, you let the person with this spreadsheet know (that’d be me)
- who the trade is going to (credit) , including their member number
- where the trade is coming from (debit), including their member number
- how many ‘greenies’ the trade is for (you agree this with person you’re trading with, via PM or email)
- what the trade is for (describe what you’ve received in return for your ‘greenies’)
I think I’ve got it now… I talk to who I’m trading with, agree a price and then let you know about the transaction?
Yep, that’s it.
Ok, bear with me… what about my ‘account’?
Right, it’s all kept on spreadsheet, and I’ll let everyone know balances via PM once a quarter (three months), more if you request a balance via PM. Don’t worry about going into commitment, as no-one will be asking you to pay it back! You get 10 ‘Greenies’ at the start, so you don’t need to feel like you’ve got to have someone buy something before you can trade – this’d mean everyone waiting till they had greenies, so it just gets the whole thing started.
Think I’ve got the hang of it now.
Good, lets just recap a few of the biggest points I’ve talked about above, plus a few other bits which might help get your head round it.
- The currency is called a ‘greenie’
- To help when sorting out how much to trade, 1Greenie=1Pound
- You need to inc your membership number, the person your trading with number and amount of greenies and description when you email a trade to me.
- You sort out paying any cash for postage etc, or for raw materials, and do this outside of the main scheme. Pay pal or cheque/po is probably best way to sort this.
- All members get 10 greenies to start with, so you have something to trade in straight away.

Hope that’s covered everything, more questions, add comment below.