500 calories day gives a calorie deficit for the average woman of 1500 calories, not including any additional exercise you might do (and I don't suggest you do much on 500 cals). This should yield an average weight loss of 3 pounds a week or more, depending on other factors like lean mass and how sedentary you are, and indeed what you weight to start with.
You will probably enter benign dietary ketosis on that few calories, which will reduce your appetite significantly after a week or possibly less so it might be more sustainable than you think.
You should be careful to ensure you are getting the nutrition you need - this is the thing with the shake soup and bar diets (VLCD"s) like Cambridge, Lighterlife etc - they provide all you "need" in terms of vitamins, minerals, and macronutrients (protein, carbohydrate, fats) without any of the extras, so it is the least amount of food you can possibly eat whilst getting what you need to stay healthy.
You will need to make yourself drink a lot of water (but not too much - 3 - 4 litres a day) to make up for the fact you are not getting liquids from your foods as you are not having as much food. Unless the food you do eat is very high water content like fruit for instance.
In 12 weeks you could lose anything from 36 pounds or above - so at least 2 and a half stone, possibly 3 or more.
A 17 stone person doing Lighterlife or another VLCD typically loses 4 stone in the first 12 weeks.
Personally I would encourage you to choose a VLCD (shakes, soups, bars type diet) to do this rather than your "own" food, because the balance will all be there in terms of what your body needs, and they are medically approved from this point of view.
It's also worth looking into how you will reintroduce larger amounts of food and stabilise your weight loss going forward. Which contrary to popular belief can absolutely be done, so you maintain your weight loos.
Good luck!