No. There are several Biblical proofs showing that Hell is the grave and not a literal place of eternal suffering. Unsaved man will be annihilated on the last day, and cease to exist forever. The wages or payment for sin is death.

No. The Bible teaches that Jesus paid for sins from (or at) the foundation of the world (Revelation 13:8). He then came to demonstrate what He had done, in 33 A.D., by dying on the cross.