Looking forward to going sale shopping? Me too! With unwanted gifts to exchange and special sales going on, it's important to be aware of your rights as a consumer.

Make sure you're up to speed with exactly what you are and are not entitled to, and check out the set of golden shopping rules over the jump.

Returning gifts

Retailers are legally required to take back goods that were faulty or damaged before you bought them. So if you get something home and find something wrong with it then the store where it was bought must refund you.

Remember though, if you want to return something just because you don't like it or need it – or it doesn't fit - the retailer has no legal obligation to take it back or refund you. Many retailers do have returns policies though, which allow customers to take items back within a specified time period and get refunds, exchanges or credit notes/vouchers.

Be aware that most stores will not offer exchanges/refunds on Boxing day, so you'll have to wait if you are heading to the shops. Often stores might adjust their refund policy for the Christmas period too, so do check. Sometimes they'll give you longer to return items, or they might only offer exchanges rather than refunds.

Some shops say that sale items are non-refundable but this isn't true if the item is faulty (unless that was made clear when you bought the item).

If you're taking back a unwanted Christmas gift, make sure you have the receipt. If that item has been marked down in the sale and you don't have a receipt, you'll only get the sale price for it.

Golden rule - always keep the receipt! It will have the store's refund policy on it somewhere, and is your proof of purchase should anything go wrong.

Shopping online

If you are buying online from a company based the UK, you have exactly the same rights as a high street shopper.
Plus, you also have a cooling-off period of seven working days from the day of delivery. In this time you can, if you choose, change your order or get a refund - even if there's nothing wrong with your item.

You are entitled to a full refund if your item doesn't arrive by the date agreed or within 30 days if no date was agreed.

Bear in mind that you will still need proof of purchase – and if the item was a gift, you need to know when the person who bought it for you received it.

Golden rule - look for sites based in the UK and make sure they display their contact details - a UK address and telephone number. That way you'll be certain of your rights, and you know you can get in touch with them if there is a problem.

The most important consumer law

Section 75 – Consumer Credit Act 1974 - probably the most important thing to know as a shopper. This law states that if you buy something on your credit card which costs between £100 and £30,000 then your card issuer is equally liable.

This means that no matter what it is you buy - even if you buy it abroad - if something goes wrong, like the company going into administration, you can claim your money back from your credit card provider. Even if you haven't paid the full amount, but the item's ultimate value is between £100 and £30,000, you can still claim.

Even if you don't want or need a credit card, this a reason for getting one, especially with the financial climate as it is at the moment.

Golden rule - if you're buying items of value, use a credit card to buy them!