BillMonk is a new “social money” site that solves a really big problem: reminding people that they owe you money.

Here’s how things worked in the bad old pre-internet days:

YOU: OK, I’ll get the bill this time. It’s your shout next time.

Or:

YOU: Hey, you owe me money! Give me it now or I’ll break your legs!

Not good enough! You need Internet Power!

Here’s how it works with BillMonk:

* Sign up to BillMonk
* Enter details of the bill
* Enter the email addresses of the people who owe money towards the bill
* Billmonk emails them
* They sign up to BillMonk
* They can see how much they owe you
* They pay you some or all of the money
* You log back into BillMonk and note the payment
* BillMonk reduces the owed amount accordingly
* You wonder why you don’t have any friends any more

Stay tuned for my own Web 2.0 venture, whoseturnisittotakethebinsout.com.