If you are thinking about making a claim for compensation because you have discovered that you were wrongly sold a payment protection policy, you may be wondering how long it takes to claim back PPI.

Experience suggests that it can take anywhere between one month and one year. The reason for this is because some lenders are more willing to settle a claim more quickly than others. The average time to get a decision from the lender is around eight to ten weeks. At this point, you will be made aware of whether the lender has agreed to uphold the complaint or whether they have rejected the complaint. If the complaint is rejected this can often prolong the entire complaints process as appeals will need to be carefully drafted to overturn the decision.

Many compensation claims fail at the first hurdle, leaving consumers confused about what to do next. Not all complaints are eligible to be referred to the Financial Ombudsman Service. For those who cannot pursue a claim down this route, the only alternative is to take legal action.

Compensation payouts can be quite high, especially for those with larger loans, so it's no wonder some companies are not keen to simply pay out when a consumer decides to make a complaint.

It's important to know what your rights are, how the complaints process works, what to do if your complaint is rejected and what to do if you've been made an offer but you are unsure if it's correct. If, like many people, you are unsure about your options, you could instruct a claims company to deal with your complaint on your behalf. Usually, there is no upfront fee for this service and a good claims company can do all the calculations for you to make sure you are not short changed.