Are there credit limits for LETSystem account holders?
There are no formal credit limits. We make it clear to account holders that we all share in responsibility for the integrity and stability of our trading system. Jan Carlzon said that an individual without information cannot take responsibility, but an individual who is given information cannot help but take responsibility. (Ref. 2) All account-holders agree that their account balance and turnover (total trading to date) can be furnished to any other account-holder. We encourage account holders to take up references when considering a trade. If you are at all unsure that another is “credit worthy”, then you are encouraged to decline to trade or ask for payment by some other means (and that includes cash). There is a further difficulty with credit limits – it is difficult to make allowance for individual circumstances. If someone has not yet provided something through the LETSystem and they are several hundred pounds in commitment, there may be cause for concern. But someone who is seve
