Can you post a quote of the language of the contract? Why would you sign such a contract if you knew there was such a penalty?

Unfortunately FINMA does not cover this situation, so Moneypark appears on none of their lists.

In fact I'm not sure how or if Moneypark are regulated at all. It looks like they are avoiding all of that by pretending what they do is a simple market search, with no aspect of advice, even though their prices are absurd for such a non-service.

Then they will be charging the mortgage provider, who will be in turn charging you. Avoid unless you absolutely have no other choice.

Ultimately mortgage brokers are there for the lazy or stupid and I'm sure you are neither.

I would guess it very much depends on the wording but to have to pay for the consultation *and* for there to be a penalty fee is a bit hard.
I *think* they're saying "For 980CHF we can guarantee you a better rate than elsewhere. If we can and you don't take it you have to pay 2500CHF"
Sounds dodgy enough as it is, but the terms around "better rate" might be crucial. I guess they want the 2500 to apply whether you go elsewhere or don't get the loan at all. Switzerland is still so dodgy for consumers.

"With regards to the scope of service, the client commits to pay a one-time fee in the amount of CHF 980 to MP. MP is then obliged to provide the client with the full scope of service. Furthermore, the client commit to provide MP with all the information and documents required for the processing of the financing request.

The client commits to concludes a contract with the financing partner proposed by MP if one or more offers from the financing partners selected, negotiated and proposed by MP offers better terms to the client than possible existing offers of the client for a mortgage with the same strategy and features by the time of the decision meeting.

If no, contract is concluded between the client and a financing partner proposed by MP despite the offers of the Financing Partner proposed by MP being more beneficial to the Client, the Client is obliged ti pay administrative charges in the amount of CHF 2500 to MP."

We were really framed, he put a box in the last paragraph and said only if you take another offer even though what we (MP) propose is more beneficial to you financially, then we charge you the 2500.

What do you mean by "he put a box"?
Is it written that only if more beneficial or just something he said?

Yes this is the written contract

By box i meant that on the actual contract he just marked the last paragraph with a pen and told us penalty applies only if you take another contract even though what we propose was better,

but if you read second paragraph, you will see this message has to be communicated in the "decision meeting". Problem is what is a decision meeting and what is a information sharing meeting is completely ambiguous

Yes that correct

The majority of feedback on Moneypark is negative, so as with most of these companies that have oppressive terms it really comes down to whether they take it to debt collection or not.

How was the meeting described - do you have an invitation or confirmation, and does it actually say decision meeting on it or anywhere on the minutes / information.

If not, personally I would go back and say that this was not a decision meeting since you didn't have the information in advance in order to make a decision. I'm not sure if it's the law, but it is surely bad practice to pressure someone in a meeting to make a decision on such a complex topic.

I would also write and complain to every single chairman of their partners on this page:

https://moneypark.ch/en/our-partners/

yes, there was no indication that "this" was the decision meeting, where the ultimate decision had to me made.

In my view, i paid for a consultation, i didnt like the results. Then i made my own choice, now they pressure me with a penalty to get some contracts from me.

Am going to get legal advice on this for sure.

Your view isn't what I was asking, obviously you think one thing and they think another - do you have any evidence one way or the other?

If they called the meeting something else and you have that in writing, that's a bit different to just a verbal disagreement on meaning.

Did they ask you if you had any existing offers? Typically in these situations there's a protocol where they ask the question and tick a box or something on the form if you say no.

Definitely get the legal advice.

The meeting title is just the name of the company and nothing else, there was no body to the meeting invite like points of discussion

But like you say he asked me if I have spoken to other banks mean time, to which I mentioned no I have not

So if you would have said yes & the conditions would have been better, no penalty.
Judging from various online reviews you are not alone, which could be in your favour.

i am new to this mortgage advisors and i was just checking moneypark and hypoplus. The primary reason compared to banks was ease of getting a financial confirmation and eventually a mortgage. I am glad to have learned the negative aspects. Has anyone experience with hypoplus ? They don't seem to charge anything upfront and earn provisions from the bank.

Thanks Michaelvar for sharing your experience as it certainly helped me and I am sure others will be more wary when speaking with them also. I am expecting a call from MP this week and I will be up front in asking about their fees etc, but I must admit I am thinking of steering clear of them after reading this thread.

I will report back here if I get any more info.

Good luck and I hope you can get out of the "contract" they forced upon you. Keep us posted.

You are welcome,
One reason i went to them was i fell for their marketing magic. Am astonished that none of the negative reviews are surfacing in the first page of google search.

I would recommend everyone to be really cautious

Why do you think these companies issue press releases all the time. They then get onto reputable news sites, their ranking goes up, swamping the bad reviews.

Also I'm sure a lot of their reviews are fake - the person I clicked in Google had given three five star reviews for different MoneyPark offices.