Reading PCGamingWiki, I noticed TW has a registry entry for GameForWindowsLive, which once disabled allows for several profiles to be used -
http://pcgamingwiki.com/wiki/Two_Worlds#Multiple_character_profiles When I disabled it, I had to move my saves from the folder pointed to by Pajama. I created a 'fake' profile in-game after having disabled GFWL entry, and saved once, to see where the new saves are put, exactly, and then transfered my original saves in there. The folder, in this case, is "[user_name]\Documents\Two Worlds Saves\Players". Maybe your saves are in there?