Also of you do not have access to a helicoil etc. 
  Drill the old stud out M7
 Drill the hole to 8.5 
 Tap the hole to M10 with a taper tap only
 File an M10 bolt to a blunt point.
 With thread lock screw the bolt in tight
 Cut the bolt off at face level
 Drill and tap the new bolt to M7 
 Bit long winded but really does work if you have a limited budget or access to tools.  
