Law regarding timescale to issue refunds

[elise2000]

Hi all

Hypothetical question:
A customer buys an item. Within the guarantee period they return it (say due to a fault) and want a refund.

Easy to do with low value items, but how does this work with high value items? As the retailer may not have the money in their account to instantly refund - is there a timescale they have to refund within etc?

Luckily I've never had this issue, just wondering.

Cheers

[trickywoo]

28 days I think.

Seems to be the standard for that type of thing.