SOURCE: Portfolio Recovery Associates, Inc.

October 25, 2005 16:05 ET

Portfolio Recovery Associates Names Kevin Stevenson Chief Administrative Officer

Stevenson Will Continue as Chief Financial Officer in Addition to New Responsibilities

NORFOLK, VA -- (MARKET WIRE) -- October 25, 2005 -- Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases and manages portfolios of defaulted consumer receivables and provides a broad range of accounts receivable management services, today announced that Kevin P. Stevenson has been promoted to the newly created position of Chief Administrative Officer.

Stevenson has served as Executive Vice President and Chief Financial Officer since the Company's inception in 1996. He will continue in that role in addition to his new responsibilities. As Chief Administrative Officer, Stevenson will assume oversight of the Company's corporate information technology and human resources functions.

"I am delighted to announce Kevin's well-deserved promotion. Kevin has provided strong leadership in his role as CFO for nearly 10 years, during which Portfolio Recovery Associates has completed a successful IPO, seen the adoption and implementation of Sarbanes-Oxley and built a record of steady, consistent growth. I look forward to the great energy and talent Kevin will bring to this newly expanded position," said Steven D. Fredrickson, Chairman, President and Chief Executive Officer.

As Chief Financial Officer and a co-founder of the Company, Stevenson played a major role in Portfolio Recovery Associates' successful November 2002 initial public offering. He has overseen Portfolio Recovery Associates' accounting and finance functions and been a key point of contact for members of the investment community. Earlier in his career, Stevenson held progressively more senior roles as an accounting executive at various subsidiaries of Household International (now HSBC). Stevenson received a Bachelor of Arts degree in Accounting from the Ohio State University and is a Certified Public Accountant.

About Portfolio Recovery Associates, Inc.

Portfolio Recovery Associates is a full-service provider of outsourced receivables management 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 Alatax/RDS business, collateral-location services for credit originators via IGS Nevada, and fee-based collections through Anchor Receivables Management.

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 statements with respect to future contributions of its acquired business units 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 Registration Statements on Form S-3, 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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