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  <TITLE> Portfolio Recovery Associates, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	January 15, 2007
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  	Portfolio Recovery Associates, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	000-50058
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  	75-3078675
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	120 Corporate Boulevard, Norfolk, Virginia
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  	23502
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  _________________________________<BR>
  	(Address of principal executive offices)
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	888-772-7326
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  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:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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  Cash Bonuses Awarded to Named Executive Officers<br><br>On January 15, 2007, the Compensation Committee of Portfolio Recovery Associates, Inc. (the "Company"), approved the award of annual incentive cash bonuses to its named executive officers, based on the Company&#x2019;s 2006 fiscal year performance targets.  These bonus awards are designed to provide the named executive officers with incentive compensation based upon the Company's achievement of stated performance targets, and each executive officer's individual contribution to the Company's achievement of its performance targets. The bonuses to be awarded in 2007 were based on the Company's achievement of its 2006 performance goals.  The bonuses to be awarded in 2007 are set forth below: <br><br>Steven D. Fredrickson Chairman and Chief Executive Officer         $690,000<br>Kevin P. Stevenson    EVP/Chief Financial & Administrative Officer $460,000<br>Craig A. Grube         EVP, Acquisitions                           $450,000<br>Judith S. Scott        EVP, General Counsel & Secretary            $175,000
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  	Item 9.01 Financial Statements and Exhibits.
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  (a) Financial Statements: None.<br>(b) Pro Forma financial information: None.<br>(c) Exhibits: None.<br>
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  	SIGNATURES
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  	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.
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  	Portfolio Recovery Associates, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	January 17, 2007
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  	By:
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  <I>
  	/s/ Kevin P. Stevenson
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  	&nbsp;
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  <I>
  	Name: Kevin P. Stevenson
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  <I>
  	Title: EVP
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_17601.htm", "description": "LIVE FILING", "secsgml_size_bytes": 9729}]
metadata_filer: {"company-data": {"conformed-name": "PORTFOLIO RECOVERY ASSOCIATES INC", "cik": "0001185348", "assigned-sic": "7320", "irs-number": "753078675", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50058", "film-number": "07535871"}, "business-address": {"street1": "120 CORPORATE BLVD STE 100", "city": "NORFOLK", "state": "VA", "zip": "23502", "phone": "7575199300X3003"}, "mail-address": {"street1": "120 CORPORATE BLVD STE 100", "city": "NORFOLK", "state": "VA", "zip": "23502"}}
text: Portfolio Recovery Associates, Inc. (Form: 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):
  January 15, 2007
  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))
  Top of the Form
  Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
  Cash Bonuses Awarded to Named Executive Officers
  On January 15, 2007, the Compensation Committee of Portfolio Recovery Associates, Inc. (the "Company"), approved the award of annual incentive cash bonuses to its named executive officers, based on the Company's 2006 fiscal year performance targets.  These bonus awards are designed to provide the named executive officers with incentive compensation based upon the Company's achievement of stated performance targets, and each executive officer's individual contribution to the Company's achievement of its performance targets. The bonuses to be awarded in 2007 were based on the Company's achievement of its 2006 performance goals.  The bonuses to be awarded in 2007 are set forth below:
  Steven D. Fredrickson Chairman and Chief Executive Officer         $690,000
  Kevin P. Stevenson    EVP/Chief Financial & Administrative Officer $460,000
  Craig A. Grube         EVP, Acquisitions                           $450,000
  Judith S. Scott        EVP, General Counsel & Secretary            $175,000
  Item 9.01 Financial Statements and Exhibits.
  (a) Financial Statements: None.
  (b) Pro Forma financial information: None.
  (c) Exhibits: None.
  Top of the Form
  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.
  January 17, 2007
  By:
  /s/ Kevin P. Stevenson
  Name: Kevin P. Stevenson
  Title: EVP