Depending on the type of loan they can fall off of your report, but not all of them do. It is important to remember though, that just because they may be off of your report, you are still obligated to pay them back and will whether you like it or not! They can take tax returns and garnish wages for not paying them. Personally, I would rather set up the rehab agreement and take care of it!
FP means you failed to pay. They are in default at this point, so they don't mark them with a derogatory day number, but creditors will know what that stands for.
