-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 9cSXW47W/IGI0hHom58DaQ==

<SEC-DOCUMENT>0001275482-05-000002.txt : 20050225
<SEC-HEADER>0001275482-05-000002.hdr.sgml : 20050225
<ACCEPTANCE-DATETIME>20050225170158
ACCESSION NUMBER:		0001275482-05-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050224
FILED AS OF DATE:		20050225
DATE AS OF CHANGE:		20050225

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GORDON MICHAEL L
		CENTRAL INDEX KEY:			0001064682

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50058
		FILM NUMBER:		05642127

	BUSINESS ADDRESS:	
		STREET 1:		AKIN GUMP ET AL
		STREET 2:		590 MADISON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	MAIL ADDRESS:	
		STREET 1:		C/O ANGELO GORDON & CO
		STREET 2:		245 PARK AVE 26TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PRA INVESTMENTS LLC
		CENTRAL INDEX KEY:			0001203421
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50058
		FILM NUMBER:		05642126

	BUSINESS ADDRESS:	
		STREET 1:		ANGELO GORDON & CO.
		STREET 2:		245 PARK AVE.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167

	MAIL ADDRESS:	
		STREET 2:		C/O ANGELO GORDON & CO
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PORTFOLIO RECOVERY ASSOCIATES INC
		CENTRAL INDEX KEY:			0001185348
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320]
		IRS NUMBER:				753078675
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		120 CORPORATE BLVD STE 100
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23502
		BUSINESS PHONE:		7575199300X3003

	MAIL ADDRESS:	
		STREET 1:		120 CORPORATE BLVD STE 100
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23502

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ANGELO JOHN M
		CENTRAL INDEX KEY:			0001064681

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50058
		FILM NUMBER:		05642128

	BUSINESS ADDRESS:	
		STREET 1:		ANGELO GORDON & CO
		STREET 2:		245 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212 692 2000

	MAIL ADDRESS:	
		STREET 1:		C/O ANGELO GORDON & CO
		STREET 2:		245 PARK AVE 26TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AG FUNDS L P
		CENTRAL INDEX KEY:			0001275482
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50058
		FILM NUMBER:		05642129

	BUSINESS ADDRESS:	
		STREET 1:		C/O ANGELO GORDON & CO
		STREET 2:		245 PARK AVENUE 26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
		BUSINESS PHONE:		2126922000

	MAIL ADDRESS:	
		STREET 1:		C/O ANGELO GORDON & CO
		STREET 2:		245 PARK AVENUE 26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-02-24</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001185348</issuerCik>
        <issuerName>PORTFOLIO RECOVERY ASSOCIATES INC</issuerName>
        <issuerTradingSymbol>PRAA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001275482</rptOwnerCik>
            <rptOwnerName>AG FUNDS L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>245 PARK AVENUE - 26TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10167</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001064681</rptOwnerCik>
            <rptOwnerName>ANGELO JOHN M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>245 PARK AVENUE - 26TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10167</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001064682</rptOwnerCik>
            <rptOwnerName>GORDON MICHAEL L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>245 PARK AVENUE - 26TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10167</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001203421</rptOwnerCik>
            <rptOwnerName>PRA INVESTMENTS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>245 PARK AVENUE - 26TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10167</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-02-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1923225</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-02-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1061275</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Persons are filing this statement to disclose that 1,923,225 shares of the Issuer's common stock, par value $.01 per share (&quot;Shares&quot;), previously held for the account of PRA Investments, L.L.C., a Delaware limited liability company of which AG Funds (as defined below) is the managing member (&quot;PRAI&quot;), were transferred for no consideration in a pro rata distribution to the members of PRAI.</footnote>
        <footnote id="F2">The Reporting Persons are filing this statement to disclose (i) that 1,061,275 Shares previously held for the account of AG Funds, L.P., a Delaware limited partnership (&quot;AG Funds&quot;), together with all of the Shares AG Funds received in connection with the Share distribution by PRAI, were transferred for no consideration in a pro rata distribution to the partners of AG Funds and (ii) that, immediately thereafter, all of the Shares that were distributed by AG funds to its general partner AG Funds GP, L.P., a Delaware limited partnership (&quot;AG Funds GP&quot;), were transferred for no consideration in a pro rata distribution to the partners of AG Funds GP.</footnote>
        <footnote id="F3">Following the Share distributions described herein, Mr. John M. Angelo may be deemed to have voting and dispositive power over an aggregate of 577,967 Shares, and Mr. Michael L. Gordon may be deemed to have voting and dispositive power over an aggregate of 505,761 Shares.  Each of Mr. Angelo and Mr. Gordon disclaims beneficial ownership of the aforementioned Shares except to the extent of any pecuniary interest therein.</footnote>
    </footnotes>

    <remarks>The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of any securities not held directly for his or its account for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise.</remarks>

    <ownerSignature>
        <signatureName>AG Funds, L.P., by Michael L. Gordon, its Chief Operating Officer</signatureName>
        <signatureDate>2005-02-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>John M. Angelo</signatureName>
        <signatureDate>2005-02-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Michael L. Gordon</signatureName>
        <signatureDate>2005-02-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>PRA Investments, L.L.C., by AG Funds, L.P., its Managing Member, by Michael L. Gordon, its Chief Operating Officer</signatureName>
        <signatureDate>2005-02-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----