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LETS is a system that allows members of a local community to exchange goods and services without spending any money. A LETS scheme operates through people coming together to form a group to barter amongst themselves using their own local currency. Scarborough LETS currency is called Coasters. One Coaster is equal to one pound sterling. A directory of goods and services offered and required by LETS members is compiled and circulated to members. Members trade with each other whenever they wish, using Coaster cheques to pay for the service or any items bought. Cheques are sent to an administrator who records all transactions. Regular balance sheets, membership lists, directories and newsletters are sent to members. A LETS local network is a non-profit making service organised by local people. Each member's account starts at zero, members can buy services and articles before having earned any coasters themselves. No interest is charged to those in debit or paid to those in credit. The beauty of LETS is that you are not tied to finding direct exchanges for goods or services. LETS members decide for themselves how much they want to charge for their services and goods. Some charge a fixed rate, some don't. Some charge entirely in coasters, some charge part coaster part cash. The membership fee for Scarborough LETS is currently �5. Members are required to sign and abide by a membershp agreement. Some examples of services and goods offered are: accommodation, decorating, babysitting, bicycle repair, dog walking, use of garden tools, yoga lessons, computer tuition, various goods including furniture, seeds and plants etc. Joining LETS is also a good way to meet new people and support your local community! |
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