Overything is okay with the ip-changing mechanisms built-in TTM, and the last update included extra fail-safe code to handle possible corner cases, so there is no way this is TTM's fault.
Be SURE that there is NO OTHER PROGRAM that influences in the Tibia client running, that means Tibiacast (in auto-activate mode), IP changers, custom clients, bots, proxys, etc. ANYTHING that changes the IP in the client's memory BEFORE TTM will generate this error.
Check the system tray too, near the clock. You can use the task manager (ctrl+alt+del) to kill programs that run on background.
TTM itself is a proxy, and using Shift+Start you can tell it to connect to OTServers, you don't need ip changers.
If you really need to use a proxy, disable its auto-activation feature and use TTM's option "Use local proxy".
Try creating a new user account on your PC and running TTM on it, your actual one may be infected with something that messes with the client, then install your tools one by one to see which one is causing the problem.