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Yes, who actually is the party that told you the refund will be made? It's probably not Ebay (the company) but the Auction Seller? Or Paypal if a dispute went through.
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eBay said they are going to refund you? or the seller told you he'd send the money back?? depending on these answers this may be why there is a delay... open a paypal dispute if it's not already done.
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