Time on type, even if not very recent, is more valuable in my experience. Sorry that the contract fell through, happened to me too years ago.
Atlasjet is currently hiring even without time on type (but the contracts are poor), I believe Wizz and Onur too, in spring you can try Freebird, Sky and Turkuaz. They take people without hours, but generally not this time of the year.
If you bought 500 hours, you would probably start somewhere in spring (they are not in a hurry to check you out in the sim and on line, as you cost them nothing), then you will fly all 2010. unlikely to get paid before 2011, me thinks, but likely thereafter.
Good luck! IP