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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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  	March 23, 2006
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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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  	&nbsp;
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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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  	&nbsp;&nbsp;
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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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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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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 1.01 Entry into a Material Definitive Agreement.
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  On March 23, 2006, Portfolio Recovery Associates, Inc., upon the recommendation of the Compensation Committee of its Board of Directors, entered into an Amendment to Employment Agreement (the "Amendment") with its Executive Vice President, General Counsel and Secretary, Judith Scott.  The Amendment will become effective as of April 1, 2006.  Under the terms of the Amendment, Ms. Scott&#x2019;s base salary will increase from $155,000 to $175,000 per year.   A copy of the Amendment is filed as Exhibit 10.1 to this Form 8-K and is incorporated by reference herein.
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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 <br><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>
  	March 24, 2006
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  <I>
  	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: CFO
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Employment Agreement Amendment, dated March 23, 2006, by and between Judith S. Scott and Portfolio Recovery Associates, Inc.
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_11190.htm", "description": "LIVE FILING", "secsgml_size_bytes": 10411}]
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": "06709701"}, "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):
  March 23, 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))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On March 23, 2006, Portfolio Recovery Associates, Inc., upon the recommendation of the Compensation Committee of its Board of Directors, entered into an Amendment to Employment Agreement (the "Amendment") with its Executive Vice President, General Counsel and Secretary, Judith Scott.  The Amendment will become effective as of April 1, 2006.  Under the terms of the Amendment, Ms. Scott's base salary will increase from $155,000 to $175,000 per year.   A copy of the Amendment is filed as Exhibit 10.1 to this Form 8-K and is incorporated by reference herein.
  Item 9.01 Financial Statements and Exhibits.
  (a) Financial Statements: None.
  (b) Pro forma financial information: None.
  (c) Exhibits
  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.
  March 24, 2006
  By:
  /s/ Kevin P. Stevenson
  Name: Kevin P. Stevenson
  Title: CFO
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Employment Agreement Amendment, dated March 23, 2006, by and between Judith S. Scott and Portfolio Recovery Associates, Inc.