SOURCE: Portfolio Recovery Associates, Inc.

January 20, 2010 16:00 ET

Portfolio Recovery Associates Expands Its Hampton Call Center

NORFOLK, VA--(Marketwire - January 20, 2010) - Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases, collects and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management and payments processing services, today announced it has entered into a lease amendment to expand its Hampton, Virginia call center and extend its lease to June 30, 2015.

The Hampton call center is located in the NetCenter office building, a unique property combining office space and complementary retail amenities in one of the city's major commercial arteries. The lease amendment will increase the Hampton call center by approximately 37%, to 31,785 square feet, including a new employee training center, expanded employee break room, conference room, and enhanced security.

In commenting on the transaction, Steven D. Fredrickson, Chairman, President and Chief Executive Officer of Portfolio Recovery Associates, said, "The Hampton call center has been a key to Portfolio Recovery Associates' successful operations since 2002. The extension of our NetCenter lease and the upgrades to our existing space will enable Portfolio Recovery Associates to continue to draw on the great talent on the Virginia Peninsula for years to come. We look forward to building on the success of our Hampton center and providing our Hampton employees with state-of-the-art facilities and a comfortable work environment."

"Each of our call centers plays an important role in the success of our collection activity," said Neal Stern, Portfolio Recovery Associates' Senior Vice President and Chief Operations Officer. "We are excited that the Hampton call center will play an even greater role while increasing training opportunities for our employees and adding amenities that enhance the quality of their work day," Stern added.

About Portfolio Recovery Associates, Inc.

Portfolio Recovery Associates is a full-service provider of outsourced receivables management, payment processing and related services. The Company's primary business is the purchase, collection and management of portfolios of defaulted consumer receivables. These are the unpaid obligations of individuals to credit originators, which include banks, credit unions, consumer and auto finance companies, and retail merchants. Portfolio Recovery Associates also provides a broad range of collection services, including revenue administration for government entities through its RDS and MuniServices businesses, and collateral-location services for credit originators via its IGS subsidiary.

Statements herein which are not historical, including Portfolio Recovery Associates' or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, including future revenue and earnings growth, statements with respect to future contributions of IGS, RDS and MuniServices to earnings and future portfolio-purchase opportunities, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include references to Portfolio Recovery Associates' presentations and web casts. The forward-looking statements in this press release are based upon management's beliefs, assumptions and expectations of the Company's future operations and economic performance, taking into account currently available information. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us. Actual events or results may differ from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in the Company's filings with the Securities and Exchange Commission including but not limited to its annual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, filed with the Securities and Exchange Commission and available through the Company's website, which contain a more detailed discussion of the Company's business, including risks and uncertainties that may affect future results. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.

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