If you purchased Premiere Elements 12 from Adobe as an online download, you should be able to get your money back under a within 30 days of purchase.
If history repeats itself, Adobe should be releasing a new version at the end of September 2014. No one but Adobe knows the feature set of the new version.
If you purchased Premiere Elements 12 from other than Adobe, then you will have to contact the seller of the program about any refund.
We are not Adobe. Just user to user. If you want to troubleshoot Premiere Elements 12 issues here, we would be glad for the opportunity to be of assistance.
I would start by updating to the 12.1 version via the Expert workspace Help Menu/Update. Then to address such matters as
Then I see that the player no longer provides a live update -- that is, the vertical red line in the timeline does not move smoothly to the right as a video plays. Searches for these and related concerns lead to discussion threads suggesting the removal of other functionality.
We would need more details regarding
a. project preset
b. properties of source media
c. rendered versus unrendered Timeline content
d. video card/graphics card and it driver version
The Premiere Elements principles have stayed essentially the same from version to version, but it is the features that have moved, been changed, or discontinued. And, the typical situation is made more complex by the drastic workspace changes in 11 and 12 as compared to versions earlier than 11.
A major perk of Premiere Elements 12/12.1 Windows is that it is a 64 bit application only when it is on Windows 7, 8, or 8.1 64 bit. This has major computer resource implications. Premiere Elements 9.0/9.0.1 is a 32 bit application whether it is run on Windows 32 bit or 64 bit.
But, you need to go with what works for you.