WORKAROUND:
Export your connections (in a sense, back them up).
In the connection window, on the icon bar there are two disc icons, and export and import connections tool. See attachment.
Export your connections to a secure location.
Then with Toad for Oracle closed, rename your toad.ini to toad.ini .back.
This will reset the saved password on connection option (this is why we are backing up the connection strings).
Launch Toad for Oracle again.