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Amazon taking money and then cancelling

Hello everyone.

I want to know where I stand. I bought a hard drive from Amazon which was priced quite cheap. Having followed a thread on hot uk deals, I know that people have received the item at the reduced price. I ordered this product on the 21st October. I was then charged on the 26th of October (money has been taken out of my account).
I then had an email today saying that the item was misplaced and now has been discontinued even though it is still being sold online. They still have my money and saying that it will take another 5-7 days for me to get my money back.
What are my rights?

Thanks,

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