8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 18, 2004

PORTFOLIO RECOVERY ASSOCIATES, INC.

(Exact Name of Registrant as Specified in Charter)

DELAWARE	000-50058	75-3078675
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

120 CORPORATE BOULEVARD, NORFOLK, VIRGINIA	23502
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (888) 772-7326

N/A
(Former Name or Former Address, if Changed Since Last Report.)

Item 8.01. Other Events.

On November 18, 2004, Portfolio Recovery Associates, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

a. Financial Statements of Business Acquired.

Not applicable.

b. Pro Forma Financial Information.

Not applicable.

c. Exhibits

Exhibit No.	Description
99.1	Press Release from Portfolio Recovery Associates, Inc. dated November 18, 2004, entitled “Portfolio Recovery Associates, Inc. Announces Pricing of Secondary Public Offering Of Its Common Stock”

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		PORTFOLIO RECOVERY ASSOCIATES, INC.
Date:	November 18, 2004	By:	/s/ Kevin P. Stevenson
		Name: Title:	Kevin P. Stevenson Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary

EX-99.1

Exhibit 99.1

Portfolio Recovery Associates, Inc.
Announces Pricing of Secondary Public Offering Of Its Common Stock

Norfolk, Virginia (November 18, 2004) — Portfolio Recovery Associates, Inc. (NASDAQ: PRAA) today announced that it has priced its public offering of 1,700,000 shares of its common stock at $34.50 per share. All 1,700,000 of the shares are being offered by selling stockholders. The company will not receive any of the proceeds from the sale of common stock by the selling stockholders and will not bear any of the related expenses. The underwriters have a 30-day option to purchase up to an additional 255,000 shares of common stock from the selling stockholders to cover over-allotments.

The offering is being lead-managed by William Blair & Company. Piper Jaffray & Co. and America’s Growth Capital are acting as co-managers. A final prospectus relating to the offering may be obtained from William Blair & Company at (800) 621-0687, Piper Jaffray at (800) 333-6000 or America’s Growth Capital at (617) 261-4145.

About Portfolio Recovery Associates, Inc.

Portfolio Recovery Associates is a full-service provider of outsourced receivables management and related services. Portfolio Recovery Associates purchases, collects and manages portfolios of defaulted consumer receivables and provides collateral location services for credit originators. Defaulted consumer receivables are the unpaid obligations of individuals to credit originators, including banks, credit unions, consumer and auto finance companies, retail merchants and other providers of goods and services. The defaulted consumer receivables Portfolio Recovery Associates collects are generally either purchased from the sellers of defaulted consumer debt or are collected on behalf of debt owners on a contingent fee basis.

CONTACT:
Investor Relations
757-519-9300 ext. 13010
info@portfoliorecovery.com