Welcome to Godalming LETS!
What does it do? Basically it enables people to exchange skills by means of a sophisticated barter system. You get things done for yourself by doing things for others. At the same time it is very sociable.
How does it work? Members list their offers in a directory so all members can buy anything they need using Godalming Watts, our notional local currency.
How can they do that? Members trade goods and services with each other and register them online to have watts credited or debited from their accounts. Currency is generated by the transactions rather than the other way round. It is completely interest free and a negative balance is not considered to be in debt but a commitment to earn in the future.
You mean I can earn Watts teaching someone Spanish and use them to pay someone else for a lift to the airport? Exactly.
And there’s no ordinary money involved? There is a small joining fee and annual subscription, both currently £10. When you join your account is credited with 10Watts to get you started. You can always charge some sterling as well as Watts in a transaction to cover material costs, fuel etc. A free market operates and all that is required is that both parties are happy with the price.
And it’s legal? Of course! There are thousands of local currency trading schemes in the UK and around the world.
Ok, tell me more! Take a look at the About Us page.