Item 1.01 Entry into a Material Definitive Agreement.

On September 3, 2008, Portfolio Recovery Associates, Inc. (the "Company") consummated its Fourth Amended and Restated Loan and Security Agreement (the "Fourth Amendment"), by which the Company increased its line of credit from $340,000,000 to $365,000,000.00. The Fourth Amendment also added JP Morgan Chase Bank, N.A. as an a lender on the credit facility, along with Bank of America, N.A., Wachovia Bank National Association, SunTrust Bank and RBC Centura Bank. Except for the increase in the credit availability and the addition of JP Morgan Chase Bank, N.A. as an additional lender on the line of credit, the terms of the Fourth Amendment do not materially alter the terms of the Company's line of credit.

The foregoing summary of the Fourth Amendment is a general description only, and does not purport to be complete. This description of the Fourth Amendment is qualified in its entirety by reference to the Fourth Amendment, which is filed as an exhibit to this current report on Form 8K and incorporated by reference to this Item 1.01.