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Buyer wants return - no returns policy

I sold an item on eBay and my default P&P time is 2 business days. I emailed the buyer to let them know I would be 1 day out. Buyer is now stating they want a refund, however the item is still in transit, and I don't offer a returns policy.
I know I am going to get negative feedback as the buyer has threatened to report me to eBay, and has sent a 'request to cancel transaction'. What are my rights?

Thank you.
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Sellers don't have any rights on ebay.

 

When buyer receives goods they may well invent some spurious reason to say it's not as described and you will need to send a prepaid label for return of the goods, then refund when you get them back.

 

Just tell them to let you know when goods arrive so you can deal with the return and subsequent cancellation..

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