-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 QyHmbqb00LerEDYI0Ua1kfnudgGEye0fjMtxzGEtpfFg5wQOAinLhpfVTQaZqDb0
 9xVjpsq4COIPT0CxRHZOjg==

<SEC-DOCUMENT>0001084961-03-000053.txt : 20031001
<SEC-HEADER>0001084961-03-000053.hdr.sgml : 20031001
<ACCEPTANCE-DATETIME>20031001161419
ACCESSION NUMBER:		0001084961-03-000053
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031001
FILED AS OF DATE:		20031001

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENCORE CAPITAL GROUP INC
		CENTRAL INDEX KEY:			0001084961
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				481090909
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		5775 ROSECOE COURT
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123
		BUSINESS PHONE:		8007590327

	MAIL ADDRESS:	
		STREET 1:		5775 ROSCOE COURT
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCM CAPITAL GROUP INC
		DATE OF NAME CHANGE:	19990430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDLAND CORP OF KANSAS
		DATE OF NAME CHANGE:	19990423

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GREGORY CARL C III
		CENTRAL INDEX KEY:			0001040976

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26489
		FILM NUMBER:		03920857

	BUSINESS ADDRESS:	
		STREET 1:		C/O ENCORE CAPITAL GROUP INC
		STREET 2:		5775 ROSCOE COURT
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123
		BUSINESS PHONE:		8584454581

	MAIL ADDRESS:	
		STREET 1:		C/O EMCORE CAPITAL GROUP INC
		STREET 2:		5775 ROSCOE COURT
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92123
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4_gregory100103ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-10-01</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001084961</issuerCik>
        <issuerName>ENCORE CAPITAL GROUP INC</issuerName>
        <issuerTradingSymbol>ECPG</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001040976</rptOwnerCik>
            <rptOwnerName>GREGORY CARL C III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O EMCORE CAPITAL GROUP INC</rptOwnerStreet1>
            <rptOwnerStreet2>5775 ROSCOE COURT</rptOwnerStreet2>
            <rptOwnerCity>SAN DIEGO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92123</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>President and CEO</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>common stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-01</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>212400</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>1.00</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>212400</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>common stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-01</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>S</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>101716</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>10.34</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>110684</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>by self as Trustee under agreement dated 7-16-87</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>employee stock option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>1.00</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-10-01</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>212400</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2000-05-23</value>
      </exerciseDate>
      <expirationDate>
         <value>2011-01-25</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>common stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>212400</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>295933</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <ownerSignature>
      <signatureName>/s/ Carl C. Gregory, III</signatureName>
      <signatureDate>2003-10-01</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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