I have Magix Rescue Your Videotapes installed and it has bee working perfect for at least 20 Video 8 tapes but now it only converts them to black and white and over exposed as well. Help please !!!! JimMc
Have you tried re-booting or re-starting your PC?
If yes, then see about reinstalling or repairing the program and or more importantly any drivers associated.
Unfortunately, Video 8 equipment is extremely sensitive. Out of everyone I know who had a Video 8 camera in the early 90s, nobody has it still functional, so your camera may be damaged too, which is probable considering the errors you described (black/white, wrong lighting). Does the same tape you're trying to capture play well when you connect your camera directly with a TV? If not, then either the camera or the specific tape is damaged (test other tapes to find out), if yes then it's indeed a problem with either your capturing device or software (drivers).
In my case, I ended up having to rent a dedicated Video 8 player (with FireWire output built-in) to digitise ~24 hours of video.