A new pilot scheme to help distressed mortgage holders comes into operation today.
Under the scheme the Irish Mortgage Holders Organisation will provide free, independent financial advice to homeowners and act as an intermediary between the bank and their customers as they negotiate better repayment deals.
During the six-month trial, it is hoped that 1,000 long-term solutions can be worked out for people who bank with AIB, the EBS and Haven.
Director of the IMHO, David Hall, said many people contacting the bank about their mortgage can expect to deal with four or five individuals, creating difficulties.
"There's strength in numbers in going to the ban, and there's strength in knowledge," he said.
"There's significant advantages … to someone who's acting on the borrower's behalf.
300 mortgage holders in difficulty have already contacted the service.