Legal analysis: 700,000 yuan is owed, and it should be repaid in time. You can negotiate with the other party and try to reach an installment repayment agreement to avoid being sued. Whether it is personal arrears or lending institutions, don't evade the repayment problem. You always have to pay back the money you owe. Actively express your good willingness to repay, then explain your current situation, negotiate deferred repayment or installment repayment, make a good repayment plan, and reduce your repayment pressure.

Legal basis: Article 674 of the Civil Code of People's Republic of China (PRC) stipulates that the borrower shall pay interest within the agreed time limit. If the time limit for paying interest is not stipulated or clearly stipulated, and cannot be determined according to the provisions of Article 510 of this Law, if the loan period is less than one year, it shall be paid together with the loan; If the loan term is more than one year, it shall be paid at the end of each year; if the remaining term is less than one year, it shall be paid together with the loan.