Faulty Goods: Method of Paying Refund
If you are entitled to a refund on goods, you are entitled to receive the money back in the same form you used to make the payment, for example, in cash or with a refund on your debit or credit card.
You do not have to accept the refund in the form of a credit note and cannot insist that a credit note be provided. If the trader is displaying a sign that shows that s/he will only provide credit notes, s/he may be committing a criminal offence by excluding statutory consumer rights.
Credit notes may have conditions attached to them, for example, they must be used within a given period of time. Before accepting a credit note, you should check that the conditions are acceptable and that there are other goods you would like to buy. If you accept a credit note for goods, you cannot later ask for the money back in another form, unless you can show the credit note was accepted under duress