It depends on what is causing the neuropathy.

If it is hereditary, called CMT, it will likely progress, although
different people have different experiences with that.

If it is a secondary problem, like hypothyroidism, which I had, I
had a reversal to almost PN free 30 yrs ago. Now that I am borderline with diabetes however, some burning has returned.
Controlling blood sugar, will also help those with diabetic issues.
Many non-diabetic PNers also see improvements when sugar is dropped from the diet, as well.

Some toxic neuropathies do not regress, and others may when the drug or toxin is removed. If you continue with a drug that causes PN, then of course you will get worse.

Autoimmune PNs often get worse too. Some doctors give IVIG treatments to stop this progression.

Nutrient deficiencies can reverse symptoms when corrected.
Gluten intolerance and other food intolerances will reverse as well.

There are over 100 different PNs so it depends on your unique situation, lifestyle, exposure to toxins, and internal medical state.

In a young person with sudden onset, I'd examine lifestyle first.
Do you cross your legs alot when sitting? Or kneel alot?
The peroneal nerve goes thru the knee near the surface along the back and goes down the calf to the feet. It normally has a cushion of fat to protect it. If you are very thin, this would be absent. People can compress this nerve and create symptoms. It can be damaged by any activity that causes strain behind the knee. The most common is crossing your legs for long periods. But sky divers also get this from landing hard with a parachute. Squatting and kneeling also can compress it.

Here is an article with a diagram:
http://en.wikipedia.org/wiki/Common_fibular_nerve
compression of this will not show up on MRIs reliably. the nerve is shown in yellow in this diagram.