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): April 14, 2006

Portfolio Recovery Associates, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	000-50058	75-3078675
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. 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

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

This Form 8-K is being filed to enhance and clarify the Summary Compensation Table which was filed with the Securities Exchange Commission on April 14, 2006 on page 33 of our Definitive Form 14A. Specifically, tabular headnotes were added to provide clarification of long term compensation values. All other information in the proxy statement remains unchanged.

Item 9.01 Financial Statements and Exhibits.

(a) Financial statements: None.
(b) Pro forma financial information: None.
(c) Exhibits

SIGNATURES

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.
April 18, 2006	By:	/s/ Kevin P. Stevenson
		Name: Kevin P. Stevenson
		Title: EVP/CFO

Exhibit Index

Exhibit No.	Description
99.1	Summary Compensation Table of Portfolio Recovery Associates, Inc. as filed in Proxy and adjusted for column headings.

EX-99.1

Summary Compensation Table

	Annual Compensation
							Long Term
							Compensation
							Securities
							Underlying Options		All Other:
							(#)/Non-vested		(401-(k)
Name and Principal Position	Year		Salary($)		Bonus($)(1)		Shares ($)		Contribution)($)(2)
Steven D. Fredrickson		2005		245,000		750,000		0/0		8,400
President, Chief Executive		2004		225,000		625,000		0/0		8,200
Officer and Chairman of the Board		2003		197,600		425,000		0/0		8,000
Kevin P. Stevenson		2005		165,000		500,000		0/0		8,400
Executive Vice President, Chief Administrative &		2004		150,000		420,000		0/0		8,200
Financial Officer, Treasurer and		2003		132,500		290,000		0/0		8,000
Assistant Secretary
Craig A. Grube		2005		165,000		500,000		0/0		8,400
Executive Vice President-		2004		150,000		420,000		0/0		8,200
Acquisitions		2003		132,500		290,000		0/0		8,000
Michael J. Petit (3)(4)		2005		137,298		325,000		0/84,520		8,400
Senior Vice President,		2004		127,308		185,000		0/25,660		4,262
Specialty Acquisitions		2003		103,236		150,000		50,000/290,197		0
William F. O’Daire (3)		2005		110,000		200,000		0/84,520		8,169
Senior Vice President, Operations		2004		100,000		200,000		0/25,660		6,692
		2003		90,000		160,000		0/0		6,538
Judith S. Scott		2005		110,000		175,000		0/73,955		8,400
Executive Vice President, General		2004		100,000		150,000		0/25,660		5,202
Counsel and Secretary		2003		90,000		100,000		0/0		2,984

(1) This table reflects for a given year all bonuses earned by the above officers for such years. The Company typically pays bonuses in the year following the year in which the bonus was earned.

(2) These amounts represent company matching contributions to the recipient’s 401(k) plan up to limits for such plans under IRS rules, and related matching deferred incentive compensation credits related to certain pay in excess of amounts eligible for matching under the 401(k) plan.

(3) Although Mr. Petit and Mr. O’Daire are not Named Executive Officers of the Company, their compensation details are included in this table due to their level of compensation.

(4) Compensation in 2003 includes $50,000 paid as a sign-on bonus and $5,640 as qualified moving expenses paid for by the Company.