Creditor relieved, folded (7)
I believe the answer is:
creased
'folded' is the definition.
(creasing is a kind of folding)
'creditor relieved' is the wordplay.
'creditor' becomes 'cr'.
'relieved' becomes 'eased' ('ease' can be a synonym of 'relieve').
'cr'+'eased'='CREASED'
(Other definitions for creased that I've seen before include "Folded" , "Needing to be ironed?" , "Groovy" , "Needing ironing" , "Wrinkled, rumpled" .)