Well, not quite correct.
8 weeks is the usual time for the TR. On completion, I waited about 2 weeks to do my base training (which was much appreciated) and then another couple of weeks to start the supernumerary flights and line training. This would have been much quicker, but I had an admin problem with my IAA licence. A couple of weeks is about right for safety pilot release. I wouldn't say the pay was especially bad during line training. It is the usual FO rate of 55.5 Euro per hour minus 15 Euro per hour until the end of line training (and bizarrely until the end of the calendar month that you complete your line check).
Don't forget when estimating the costs of the TR - you should be able to reclaim the VAT when you establish yourself as a limited company. I did. Also the net costs are tax deductable. Just be sensible, budget for your expenses and stick to it.
Once you're on the line, it all makes sense and you'll make the costs back fairly quickly. Hope that helps...