Ronand,
Don't take what I'm about to say as a personal comment, it isn't. You did well to get an offer and, in my opinion, you took the right decision, and a brave one, by turning it down.
However, I have to reply to something ScamArtist said - "you must have done extremely well to secure anything at all". As a general comment, I don't think that's the case in this industry any more. You don't have to be the best candidate to get the job. If you have the licence and you're willing to pay the money and accept atrocious T&Cs, you're in. What do the airlines/operators care, they stay legal and save money. Less able/qualified/experienced pilots are leap-frogging their betters by paying to fly.