It is not recommended that you eat less than 1200 calories per day. If you are seriously considering it, make sure to go see a doctor first. It is my opinion (and many others) that it is definitely unhealthy to eat only 700 calories per day! My suggestion is to increase the amount of activity you have. Also make sure that you don't let your body get too used to any one calorie level. I personally alternate between 1200-1550 per day. Yes there are days when I'm still over but I never am under the 1200.
Please do not eat only 700 calories per day! It will cause your body to go into starvation mode and will cause weight-gain!