FORM 144

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 144
NOTICE OF PROPOSED SALE OF SECURITIES
PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
ATTENTION:   Transmit for filing 3 copies of this form concurrently with either placing an order with a broker to execute sale or executing a sale directly with a market maker.
                 
 
1 (a) NAME OF ISSUER (Please type or print)

Portfolio Recovery Associates Inc.
    (b) IRS IDENT. NO.

75-3078675 		    (c) S.E.C. FILE NO.

000-50058		  
 
         
 
 
      
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1 (d) ADDRESS OF ISSUER
    STREET     CITY     STATE     ZIP CODE       (e) TELEPHONE NO.  
 
 
                                AREA CODE       NUMBER  
 
Riverside Commerce Center
    120 Corporate Boulevard, Suite 100     Norfolk     VA       23502       757          519-9300  
 
                                                   
 
2 (a) NAME OF PERSON FOR WHOSE ACCOUNT THE SECURITIES ARE TO BE SOLD
 
         
(b) RELATIONSHIP TO
ISSUER
     (c) ADDRESS     STREET     CITY     STATE     ZIP CODE  
 
Steve Fredrickson
          CEO     Riverside Commerce Ctr     120 Corporate Blvd. ste.100     Norfolk     VA       23502    
 
INSTRUCTION: The person filing this notice should contact the issuer to obtain the I.R.S. Identification Number and the S.E.C. File Number.
                                                           
 
  3 (a)     (b)     SEC USE ONLY     (c)     (d)     (e)     (f)     (g)  
  Title of the                 Number of Shares     Aggregate     Number of Shares     Approximate     Name of Each  
  Class of     Name and Address of Each Broker Through Whom the     Broker-Dealer     or Other Units     Market     or Other Units     Date of Sale     Securities  
  Securities     Securities are to be Offered or Each Market Maker     File Number     To Be Sold     Value     Outstanding     (See instr. 3(f))     Exchange  
  To Be Sold     who is Acquiring the Securities           (See instr. 3(c))     (See instr. 3(d))     (See instr. 3(e))     (MO.   DAY   YR.)     (See instr. 3(g))  
 
Common
    RBC Wealth Management
2 Embarcadero Center, Suite 1200
San Francisco, CA 94111 		            12,000       $ 560,000         15,339,265       08/03/09     NASDAQ  
 
 


 		                                                      
 
 
INSTRUCTIONS:
 
1. (a)   Name of issuer
 
  (b)   Issuer’s I.R.S. Identification Number
 
  (c)   Issuer’s S.E.C. file number, if any
 
  (d)   Issuer’s address, including zip code
 
  (e)   Issuer’s telephone number, including area code
 
2. (a)   Name of person for whose account the securities are to be sold
 
  (b)   Such person’s relationship to the issuer (e.g., officer, director, 10% stockholder, or member of immediate family of any of the foregoing)
 
  (c)   Such person’s address, including zip code
 
3. (a)   Title of the class of securities to be sold
 
  (b)   Name and address of each broker through whom the securities are intended to be sold
 
  (c)   Number of shares or other units to be sold (if debt securities, give the aggregate face amount)
 
  (d)   Aggregate market value of the securities to be sold as of a specified date within 10 days prior to the filing of this notice
 
  (e)   Number of shares or other units of the class outstanding, or if debt securities the face amount thereof outstanding, as shown by the most recent report or statement published by the issuer
 
  (f)   Approximate date on which the securities are to be sold
 
  (g)   Name of each securities exchange, if any, on which the securities are intended to be sold

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB control number.
SEC 1147 (08-07)

 

TABLE I – SECURITIES TO BE SOLD
Furnish the following information with respect to the acquisition of the securities to be sold
and with respect to the payment of all or any part of the purchase price or other consideration therefor:
                                                                 
                                         
  Title of     Date you                 Name of Person from Whom Acquired       Amount of       Date of            
  the Class     Acquired       Nature of Acquisition Transaction       (If gift, also give date donor acquired)       Securities Acquired       Payment       Nature of Payment    
                                         
 
Common
       08/03/09       Acquisition of Shares via Exercise of Stock Options     Portfolio Recovery Associates, Inc.     12,000       08/03/09       Cash  
 
 
                                                              
 
 
                                                              
 
 
                                                              
 
 
                                                              
 
 
                                                              
                                         
INSTRUCTIONS:  
If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.
 
TABLE II – SECURITIES SOLD DURING THE PAST 3 MONTHS
Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.
                                             
                             
                            Amount of            
  Name and Address of Seller     Title of Securities Sold       Date of Sale       Securities Sold       Gross Proceeds    
                             
 
 
                                          
 
 
                                          
 
 
                                          
 
 
                                          
 
 
                                          
 
 
                                          
                             
REMARKS:
     
INSTRUCTIONS:
  ATTENTION:
See the definition of “person” in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
  The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If each person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
           
  08/03/09 .    /S/ Steven D. Fredrickson . 
           
  DATE OF NOTICE     (SIGNATURE)  
           
        The notice shall be signed by the person for whose account the securities are to be sold. At least one copy of the notice shall be manually signed. Any copies not manually signed shall bear typed or printed signatures.  
  DATE OF PLAN ADOPTION OR GIVING OF INSTRUCTION,
IF RELYING ON RULE 10B5-1 		     

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)
SEC 1147 (04-07)