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If I return goods do I have to accept a "credit note" ?

No.
You can insist on the full repayment of your money. If you accept a credit note you may not be able to exchange it for cash later on if you cannot find anything else in the shop that you like. Also some credit notes last for a limited period so check this before you accept a credit note.

Some companies may insist on giving you a credit note if you have held onto the goods for an unreasonable period of time before returning them.

Do I have to accept a replacement good or a free repair instead of cash ?

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