I was wondering if there are any prominent or otherwise named group of Christians who believe that Jesus did away with our debt by legally canceling our debt instead of actually paying for the entire amount due. In other words, are there those who believe that it wasn't required that Jesus' suffering was equal to or exceeded all the suffering of punishment that each one of us is due because he dealt away with the legal requirement, period, through the cross?
This follows from passages like Col 2:14 where the consequences of our trespasses are merely set aside because of Christ's offering at the Cross:
Colossians 2:13-14 And you, who were dead in your trespasses and the uncircumcision of your flesh, God made alive together with him, having forgiven us [liberating us from] all our trespasses, 14 by canceling the record of debt that stood against us with its legal demands. This he set aside, nailing it to the cross. (ESV)
See also Romans 7:1-6 where our freedom from the legal obligation to be punished by law for sin is effectuated in Christ's death the same way that woman may be freed from the legal obligation to her husband through death.
Romans 7:1-6 Or do you not know, brothers—for I am speaking to those who know the law—that the law is binding on a person only as long as he lives? 2 For a married woman is bound by law to her husband while he lives, but if her husband dies she is released from the law of marriage. 3 Accordingly, she will be called an adulteress if she lives with another man while her husband is alive. But if her husband dies, she is free from that law, and if she marries another man she is not an adulteress.
4 Likewise, my brothers, you also have died to the law through the body of Christ, so that you may belong to another, to him who has been raised from the dead, in order that we may bear fruit for God. 5 For while we were living in the flesh, our sinful passions, aroused by the law, were at work in our members to bear fruit for death. 6 But now we are released from the law, having died to that which held us captive, so that we serve in the new way of the Spirit and not in the old way of the written code. (ESV)
And Ephesians which describes the law being abolished in Christ's flesh.
Ephesians 2:14-16 For he himself is our peace, who has made us both one and has broken down in his flesh the dividing wall of hostility 15 by abolishing the law of commandments expressed in ordinances, that he might create in himself one new man in place of the two, so making peace, 16 and might reconcile us both to God in one body through the cross, thereby killing the hostility. (ESV)