-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 M2xus6/RjNonBRzLXGQPQ6xD8jEFfdwh1qdKFNYneOgyn180ZF3ucP0nP8Hm7g4t
 I5Iqew4ZSpG52GJdsMhWsg==

<SEC-DOCUMENT>0001275482-04-000002.txt : 20040109
<SEC-HEADER>0001275482-04-000002.hdr.sgml : 20040109
<ACCEPTANCE-DATETIME>20040109165104
ACCESSION NUMBER:		0001275482-04-000002
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040101
FILED AS OF DATE:		20040109

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:			AG FUNDS L P
		CENTRAL INDEX KEY:			0001275482
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50058
		FILM NUMBER:		04518506

	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>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType><periodOfReport>2004-01-01</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <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><nonDerivativeTable><nonDerivativeHolding><securityTitle><value>Common Stock, $0.01 par value per share</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1756465</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value><footnoteId id="F1"/></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><footnotes><footnote id="F1">These shares of the Issuer's common stock, $0.01 par value per share (&quot;Shares&quot;), were acquired by the Reporting Person pursuant to an internal reorganization.  These Shares were formerly held for the account of Angelo, Gordon &amp; Co., L.P., a Delaware limited partnership.  No consideration was involved in this transaction, and there is no ch
ange in ultimate beneficial ownership for Mr. John M. Angelo and Mr. Michael L. Gordon as a result of this transaction.  The general partner of the Reporting Person is AG Funds GP, L.P., a Delaware limited partnership (&quot;AG Funds GP&quot;). Mr. Angelo and Mr. Gordon, as managing members of JM Funds LLC, a Delaware limited liability company, the general partner of AG Funds GP, may be deemed to have voting and dispositive power over the Shares held for the account of the Reporting Person.</footnote></footnotes><remarks/><ownerSignature><signatureName>Mr. Michael L. Gordon, as Managing Member of JM Funds LLC, as General Partner of AG Funds GP, L.P., as General Partner of AG Funds, L.P.</signatureName><signatureDate>2004-01-09</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----