Camden Local Exchange Trading Scheme
What skills can I offer? Anything you like doing, or are good at. If you have difficulty thinking of ideas, have a look at what other members offer, or look at our Inspiration List.
I don't have much time - can I still join? You can use Camden LETS as often or as little as you wish.
How do I use 'locks'? If you do something for another member, the rate is usually 10 locks per hour. They will either fill out a row on a spreadsheet at a trade event, or record it as a transaction directly on the website. The amount will then be credited to your account.
Are transactions taxable? Almost all LETs trading is of an 'occasional social favour' type and not taxable. Only if you trade in locks as part of your regular business would you be liable to tax.
Suppose I get into debt? Since no 'money' is printed and everyone starts at zero, the whole system always has the same amount in credit as in debit. If you go too far into debt you will be asked to earn some locks; similarly, if you start hoarding too many locks you may be asked to start spending!
Can't the system be abused? Not really, because it's a social network and there are safeguards (for example all accounts are published and all members sign a membership agreement on joining). Also any temporary bad debt does not affect any individual member; no member loses credit for work done.
Can I buy and sell things? Yes, and you can advertise in your listings, which are broadcast out to members at regular intervals, or at one of our social gatherings. It's a good way of making friends.
About • Inspiration List • Trading Guide • FAQs • Documents • Logging on • Managing My Account • Core Group Area