It's definitely less painful than stabbing. No pain required at all, actually.
You wouldn't get transported anywhere - I can create a spell using the time stone (which does what it says on the tin, it's a magical rock that has control over all aspects of time) that would just latch onto whatever contract is bound to you (it sounds like a curse?) and would turn the clock back enough to a point where it was never connected with you at all. Nothing about your memories would be affected.