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  How Does LETS Work?     
The current recommended rate for a member providing a service is 8 Covs per hour (1 Cov being equivalent to £1).  It may be possible to agree payment of a higher rate per hour or a combination of Covs and sterling.

Example 1: Member 'A' needs some help with the garden and looks in the LETS Directory.  Member 'B' has advertised that he can offer gardening.  Member 'A' contacts Member 'B', they agree a price of 8 Covs per hour.  The job takes 3 hours and Member 'A' pays the Covs to Member 'B' using the Coventry LETS online accounting system.

Example 2: Member 'B' who does not have Internet access needs the services of a graphic designer and looks in the LETS Directory.  Member 'C' has advertised that she offers this service.  Member 'B' contacts Member 'C', they agree a price of 8 Covs plus £8 per hour.  The job takes 2 hours and Member 'B' gives £16 and writes a LETS cheque for 16 Covs to Member 'C'. Member 'C' sends the cheque to the Coventry LETS treasurer to be cleared through the accounts.

Example 3: Member 'C' wants to purchase some organic food and looks in the LETS Directory.  Member 'A' has advertised that she bakes with organic ingredients and makes home-made jam.  Member 'C' contacts Member 'A', they agree a price of 15 Covs for a selection of produce.  Member 'A' provides the goods and Member 'C' pays her 15 Covs directly using the Coventry LETS online accounting system.

       To join or for further information please contact us