SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

STEVENSON KEVIN P

(Last)

(First)

(Middle)

120 CORPORATE BLVD

SUITE 100

(Street)

NORFOLK

23502

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
PORTFOLIO RECOVERY ASSOCIATES INC [ PRAA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, CFO, Treasurer, Asst Secy

3. Date of Earliest Transaction (Month/Day/Year)
01/03/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/03/2006		M⁽¹⁾		15,000	A	$13	146,860	D
Common Stock	01/03/2006		S⁽¹⁾		3,255	D	$45.3283	143,605	D
Common Stock	01/03/2006		S⁽¹⁾		3,722	D	$45.6821	139,883	D
Common Stock	01/03/2006		S⁽¹⁾		2,123	D	$45.6864	137,760	D
Common Stock	01/03/2006		S⁽¹⁾		1,131	D	$45.71	136,629	D
Common Stock	01/03/2006		S⁽¹⁾		1,939	D	$45.746	134,690	D
Common Stock	01/03/2006		S⁽¹⁾		1,415	D	$46.074	133,275	D
Common Stock	01/03/2006		S⁽¹⁾		368	D	$46.326	132,907	D
Common Stock	01/03/2006		S⁽¹⁾		1,047	D	$46.4	131,860	D
Common Stock	01/04/2006		M⁽¹⁾		30,000	A	$13	161,860	D
Common Stock	01/04/2006		S⁽¹⁾		5,682	D	$45.09	156,178	D
Common Stock	01/04/2006		S⁽¹⁾		2,665	D	$45.24	153,513	D
Common Stock	01/04/2006		S⁽¹⁾		2,008	D	$45.25	151,505	D
Common Stock	01/04/2006		S⁽¹⁾		1,500	D	$45.26	150,005	D
Common Stock	01/04/2006		S⁽¹⁾		3,145	D	$45.34	146,860	D
Common Stock	01/04/2006		S⁽¹⁾		5,712	D	$45.5	141,148	D
Common Stock	01/04/2006		S⁽¹⁾		1,600	D	$45.55	139,548	D
Common Stock	01/04/2006		S⁽¹⁾		3,088	D	$45.72	136,460	D
Common Stock	01/04/2006		S⁽¹⁾		100	D	$45.85	136,360	D
Common Stock	01/04/2006		S⁽¹⁾		4,500	D	$45.9	131,860	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock option (right to buy)	$13	01/03/2006		M⁽¹⁾			15,000	11/07/2003	11/07/2009	Common Stock	15,000	$13	90,000	D
Stock option (right to buy)	$13	01/04/2006		M⁽¹⁾			6,000	11/07/2003	11/07/2009	Common Stock	6,000	$13	84,000	D
Stock option (right to buy)	$13	01/04/2006		M⁽¹⁾			21,000	11/07/2004	11/07/2009	Common Stock	21,000	$13	63,000	D
Stock option (right to buy)	$13	01/04/2006		M⁽¹⁾			3,000	11/07/2005	11/07/2009	Common Stock	3,000	$13	60,000	D

Explanation of Responses:

1. The exercise of stock options and and sale of the underlying shares is pursuant to a rule 10b5-1 plan dated November 21, 2005. There are 15,000 stock options remaining to be exercised and shares to be sold under the plan. In addition, the plan allows for the sale of an additional 30,000 shares that are benefically owned.

Remarks:

	/s/ Kevin P. Stevenson	01/05/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.