Can i delete my backup altogether and create a new one if i have forgotten the password?

Hello there!

As I understand it you want to delete an iPhone backup you have in iTunes. You should be able to do that with the instructions in this article whether you have a Mac or a PC:

Find and manage your iTunes backups

Don't worry, you will not need the password to do so. Thank you for using Apple Support Communities! Let us know how it goes.