X0202 4 2004-09-15 0 0001185348 PORTFOLIO RECOVERY ASSOCIATES INC PRAA 0001185354 GRUBE CRAIG A 120 CORPORATE BLVD SUITE 100 NORFOLK VA 23502 0 1 0 0 Executive VP - Acquisitions Common Stock 2004-09-15 4 S 0 1375 28.51 D 136104 D These sales are pursuant to a Rule 10b5-1 plan. The plan allows for maximum sales of 33,000 shares during 2004. There are 8,250 shares remaining to be sold under the plan. /s/ Craig A. Grube 2004-09-16