Really think the timeshift problem is the clue, can you open both the recording folder and timeshift folder in windows itself, do you get a dialog saying you do not have permission to access this folder.
Maybe try something else that someone found worked for them, create individual timeshift folders for each card, now try and see if things work.
That can't be the problem because he can sometimes timeshift just fine.
And about the option i gave, that is also a reinitialize (without complete service restart)