Scam emails sent from my account, now unable to access my account


New Email
It has been brought to my attention by my contacts that they have received emails form me (allegedly but not) from someone indicating that I am in Madrid, have been mugged and lost everything and asking people to send money to an account which is nothing to do with me. I now cannot access my hotmail account as it will not recognize my password. my original email address was/is So unable to contact my contacts to explain my situation and /or retrieve addresses.
Are you able to rectify this or do you advise to recreate another email address. Are you able to block / cancel the original account?
Look forward to your reply to resolve this issue, many thanks Di Scott