Returning something under the 7 day distance rule?

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I recently ordered an item from an online retailer, and aside from every aspect of the sale and after sales service being shady, I've since decided it's not the item I'm after. It's due to arrive on tues/wed coming, and I'm just wondering how I stand with the 7 day rule. I had a google for info, but it would be nice if someone could give me an idea of how it works in a familiar scenario, like wanting to return a hard drive as an example.
 
I see. About the condition, it'll be going back unopened, but it would be an idea to take pictures before I send it? A back up incase it's damaged going back to them?

I'll wait till it arrives and phone them up about the return. If there is a restock fee, I'll just put it down to experience.
 
I gave that a go. It seems the item went from not being despatched(before a cancellation was mentioned), to being semi-despatched (after a refund was mentioned). They said it could be cancelled, but a refund couldn't be given after 3pm due to some banking issue and the fact it was sent out from some part of the "company", but hadn't actually left them. Because of the holiday on monday refund will go ahead on Tuesday, and seemingly that will take 3-5 days. *joy*

I can see this becoming a painful saga. Let's hope I'm wrong.

oh, and I ordered this item the day before yesterday and it still wasn't on it's way.
 
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