Welcome to NorLETS
NorLETS (Norwich Local Exchange Trading Scheme) is a scheme which allows the people of Norwich, and surrounding areas, to trade goods and services with each other
without the need for any kind of real currency.
Instead transactions are paid for using the scheme's own virtual currency, CREDITS, with the services being offered all generally commanding the same rate (currently
10 CREDITS per hour), whatever that service may be (although this can be individually negotiated between members). This ensures that no one member's service being offered is rated as
any more or less valuable than any other, thus promoting a sense of equality amongst the membership.
The beauty of the scheme is that because services and goods can be paid for in CREDITS, transactions don't have to be mutual, i.e. you don't have to do something for or give a member
something in return just because you have received a service or goods from them. This also means that if you should happen to go "into the red", i.e. your CREDITS balance is in the negative,
unlike with banks and other financial institutions you won't get any threatening letters and your account will not be foreclosed!
There are no real limitations as to what goods and services can be traded. Examples are:
- Cleaning, Ironing, Sewing, Gardening
- Fruit, Preserves, Cake Making, Catering
- Deliveries/Collections, Car Sharing, Dog Walking/Sitting
- Tuition of Languages/Computer Use/Music/Singing
Other benefits of the scheme to both the individual member and the community include:
- Spending more time doing the things you enjoy doing, and less time doing things you don't.
- Helping build a stronger and more sustainable local community.
- Using and developing your skills.
- Having fun, by networking with other members at scheme social events.
Learn more about the LETS scheme here.