My NTFS formatted external Toshiba drive is unreadable since update to Yosemite OS X 10.10.1

My portable external Toshiba hard drive is now unreadable on my MacBook Pro early 2008 aluminum computer. Since updating to Yosemite OS X 10.10.1, I cannot recover my files stored as Time Machine backups on my external drive. In the finder, it cannot be see under devices, however in Disk Utility, it is visible. The mounted partition is not viewable, however. My own native hard drive is 200 GB while the external hd is 500 GB. There's no creating a 500 GB image on my hard drive, in other words. I've tried the latest versions of Paragon NTFS and Tuxera NTFS with no avail.

How am I to recover my files, most importantly my Time Machine backups, from my external drive?

MacBook