I remember when I was younger and the big thing was the IOU. I owe you. When you made a deal, you pulled out a piece of paper and wrote an IOU note. This note basically was a binding contract between you and your friend, and the holder of the IOU was promised that at some point they would receive whatever you promised on said note. I used this method of contract many times over.
When you paid back the IOU, your friend would give you back the paper and you could destroy it as a sign that it was paid in full. With Jesus, He takes that IOU note that is meant for us to pay back God so as to not face His wrath for our sin, and He pays it off for us. He pays it off and it’s cancelled. It is paid in full. Wiped away. Boom. He clears the IOU and it is nailed to the Cross.
How awesome is it that we have our sins wiped away? How awesome is it that there is no IOU? All we have to do is repent and then we are freely welcomed into the Kingdom. We no longer have an IOU. When it’s time for the punishment, we simply say, “Oh, I’m already paid. Jesus paid for me.” Thank you Jesus. Thank You for taking care of my IOU. He paid a debt we never could pay. My friends, we are cleared. We are free. We are His.
“Having cancelled and blotted out and wiped away the handwriting of the note (bond) with its legal decrees and demands which was in force and stood again us (hostile to us). This [note with its regulations, decrees, and demands] He set aside and cleared completely out of our way by nailing it to [His] cross.” – Colossians 2:14 [AMP]