I used to work for M*Modal and I took early retirement, so that I could quit that horrible place. I found an IC job at 8 cpl and was informed as of 12/1, we have lost the account and are going to subcontract from another MTSO (not MM), but as bad or worse. Anyway, pay scale is 7 cpl and 4 cpl for VR and they want all VR in record breaking time.
I am going to stick it out and see how it goes, only because I am retired and do have some sort of income, but I still do need to work PT to supplement that and it has turned into exactly what you described and it is so sad.
Good luck finding something else. If this doesn't work out for me, I guess I will check into retail or companion work. It's a bugger to say the least.