unpaid refund on a miss advertised item

[Griff1]

on sunday 13/08/17 I ordered and payed £706.00 for an advertised item that the seller did not even have nor is likely to have, the seller contacted me by phone to inform me of this, and promised a full refund to be paid back via PayPal immediately, I still do not have my money back and can't buy the product I want until the money is back in my account, is this false advertising and breach of a contract?

[kernowlass]

@Griff1

How do I open a dispute with a seller when a purchase goes wrong?

You can open a dispute in the Resolution Centre of your PayPal account within 180 days of payment if:
•You don’t receive the item
•You receive an item but it’s significantly different than the description on eBay or on the seller’s website

By opening a dispute, you can communicate directly with your seller to work out a problem transaction.

If you reach an agreement with the seller you can close the dispute. If you're still not happy with the result, you can escalate the dispute into a claim. We'll review the claim and decide on reimbursement.

These steps apply to UK Personal accounts. If you have a Business account, please log in to see the steps that apply to you.

To open a dispute:
1.Log in to your PayPal account.
2.Near the bottom of the page, under 'More about your account', click Resolve a problem in our Resolution Centre.
3.Click Dispute a Transaction.
4.Select the button beside the transaction you want to dispute, then click Continue.
5.Select ‘Item dispute’, click Continue and follow the on-screen instructions.

Note:
•Generally buyers must wait at least 7 days from the date of payment to escalate a dispute for an item not received
•Where an item has not been received, please ensure you have given the seller enough time before opening a dispute

https://www.paypal.com/uk/webapps/mpp/first-dispute

[Griff1]

The thing is they have wrongly advertised a product they do not have and will not have, and lead me to believe I was actually buying the product advertised on thier own website, and judging by the web site they are a large company, as I see it they have knowingly done me for £706.00 the transaction was completed immediately by them and an invoice sent via PayPal, as far as I am concerned that is theft.

[kernowlass]

@Griff1

Well it can't be theft if you open a dispute and get a refund then can it.