Encrypted Time Machine HDD won't open after 10.9.2

As simple as that..

When I connect the HDD it asks for a password since it is encrypted. After typing the password it freezes my MBA 5 minutes (first time experiencing lag ever) until I can type a password again because it is registering it as an invalid password.

I don't wish to hear comments about "may be you are typing the wrong password", I am not. My HDD has 2 partitions, one for my movies, one for TM, both with the same password, the first partition opens nicely, the second one creates a meltdown in my computer and I have to cancel the access because I doesn't let me go through.

Any one has an input on this? Perhaps same experience?

Thank you!

Edit:

So.. the password was accepted on the background even after I exited the window that asks for the password and was told by the computer that my password was invalid. And TM started its normal backups. This is serious stuff to me now.

Could a mod please delete this thread?

What I experienced was the last minutes of the life of my external hard drive.

It was encrypted with FileVault which made things worse, data got corrupted everywhere, lost over 600GB of information. Good things those were only TV series, Movies, & Music that can be easily recovered. Lost my MBA backup partition, but I have another external HDD working with Time Machine.

A replacement from the factory is on its way already.

And if any one is wondering, I was using a Western Digital My Passport for Mac 2TB.