Portfolio Recovery Associates, Inc. (NASDAQ: PRAA), a company that purchases, collects and manages portfolios of defaulted consumer receivables, will announce its Second Quarter 2005
results on July 26, 2005.

The earnings announcement, which will be released after the market closes,
will be followed at 5:30 PM EDT by a conference call with investors to
discuss the results.

Investors can access the call by dialing 866-700-7173 for domestic callers
or 617-213-8838 for international callers using the pass code 58727442. In
addition, investors may listen to the call via a taped replay by dialing
888-286-8010 for domestic callers and 617-801-6888 for international
callers using the pass code 62200487. The replay will be available
approximately two hours after the call ends and will remain available for
seven days.

Investors may also listen to the conference call via web cast, both live
and archived, at the company's web site, at the
Investor Relations main page.

About Portfolio Recovery Associates, Inc.

Portfolio Recovery Associates is a full-service provider of outsourced
receivables management and related services. Portfolio Recovery Associates
purchases, collects and manages portfolios of defaulted consumer
receivables and provides collateral location services for credit
originators. Defaulted consumer receivables are the unpaid obligations of
individuals to credit originators, including banks, credit unions, consumer
and auto finance companies, retail merchants and other providers of goods
and services. The defaulted consumer receivables Portfolio Recovery
Associates collects are generally either purchased from sellers of
defaulted consumer debt or are collected on behalf of debt owners on a
commission basis.

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 contribution of the IGS Nevada business
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-1, S-3 and S-8, 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.