I had the exact same problem. That relocation package doesn't look so hot now, does it?
I now follow a few rules before accepting a package like this:
1. It must be pro-rata- That means that the amount you need to pay back must go down with time. So if you leave after 1 year of a 2 year notice period, you must only pay back 50%.
2. Like you discovered, the company can overpay for services and stick you with the bill. So always insist on paying for relocation yourself, and get money back via a expenses form. You will be short of cash in the short term, but it will save you pain in the long term.
3. If possible, try to negotiate a "hiring bonus." This may not be possible unless you are famous (or needed for a critical project), but if you can get the company to give you some extra cash, you can pay for relocation yourself. This is the best option, as you owe the company nothing.
I now follow a few rules before accepting a package like this:
1. It must be pro-rata- That means that the amount you need to pay back must go down with time. So if you leave after 1 year of a 2 year notice period, you must only pay back 50%.
2. Like you discovered, the company can overpay for services and stick you with the bill. So always insist on paying for relocation yourself, and get money back via a expenses form. You will be short of cash in the short term, but it will save you pain in the long term.
3. If possible, try to negotiate a "hiring bonus." This may not be possible unless you are famous (or needed for a critical project), but if you can get the company to give you some extra cash, you can pay for relocation yourself. This is the best option, as you owe the company nothing.