Exhibit 10.8(a)





STOCK WARRANT AGREEMENT

CCRT International Holdings B.V.

Krishnakumar Srinivasan





Donahue &
Partners
5 Times Square
New York, NY 10023
Tel. +1 (212) 773 3355
Fax. +1 (212) 773 8814

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TABLE OF CONTENTS

|SECTION 1  |  | CONVEYANCE STOCK WARRANT          |  | 1
|---------- |  | --------------------------------- |  | -
|SECTION 2  |  | VESTING DATE                      |  | 1
|SECTION 3  |  | EXERCISE                          |  | 2
|SECTION 4  |  | CONSIDERATION                     |  | 2
|SECTION 5  |  | TERMS                             |  | 2
|SECTION 6  |  | TERM                              |  | 3
|SECTION 7  |  | GENERAL COMPLIANCE                |  | 3
|SECTION 8  |  | FORCE MAJEURE                     |  | 3
|SECTION 9  |  | NOTICES                           |  | 3
|SECTION 10 |  | REPRESENTATIONS AND WARRANTIES    |  | 4
|SECTION 11 |  | MISCELLANEOUS                     |  | 4
|SECTION 12 |  | APPLICABLE LAWDISPUTE SETTLEMENT |  | 4





|Exhibit I   |  | Applied Economics determination documenting the Warrant Sale Price
|----------- |  | ------------------------------------------------------------------
|Exhibit II  |  | Applied Economics determination documenting the Exercise Price    
|Exhibit III |  | Additional Defined Terms                                          

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STOCK WARRANT AGREEMENT

THIS AGREEMENT IS ENTERED INTO ON THE                        DAY OF OCTOBER, TWO THOUSAND AND FOUR, TO BE
EFFECTIVE AS OF THE FIRST DAY OF JULY, TWO THOUSAND AND FOUR (THE "EFFECTIVE
DATE")

BETWEEN:

WHEREAS:



NOW, THEREFORE, PARTIES AGREE AS FOLLOWS:

Section 1    Conveyance Stock Warrant

1

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Section 2    Vesting Date

Provided that Holder's employment with the CompuCredit Group has not terminated prior to the relevant Vesting Date, on July 1, 2005, July 1, 2006
and July 1, 2007, respectively (the"Vesting Dates"), Holder shall have the right to purchase the Shares in thirds, in increments of two point two
(2.2) percent, two point two (2.2) percent and two point one (2.1) percent of the issued and outstanding shares in the share capital of the Subsidiary, respectively (individually
referred to as the "Existing Share Allotment"), at the Exercise Price.

Section 3    Exercise

Prior to the termination of this Agreement for any reason, Holder may exercise any vested portion of the Stock Warrant by providing written notice to Company
within thirty (30) calendar days prior to the proposed date of such exercise as provided herein (the "Exercise Date"). The Company shall promptly
cooperate with the sale and transfer of the Existing Share Allotment, including but not limited to filing prior notifications or requesting approval of any regulatory agency, as required, in
connection with the purchase of the Existing Share Allotment.

Section 4    Consideration

Section 5    Terms

The Holder understands that, without limitation, the following terms apply to the Stock Warrant;

2

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Section 6    Term

This Stock Warrant will expire, unless previously exercised in full, on July 1, 2008, which date is on or prior to the fourth anniversary of the Effective
Date.

Section 7    General Compliance

Each Party shall at all times:

Section 8    Force Majeure

Neither Party shall be liable to the other for its failure to perform any of its obligations hereunder during any period in which such performance is delayed by
circumstances beyond its reasonable control including, but not limited to, fire, flood, war, embargo, strike, riot, inability to secure materials and transportation facilities, or the intervention of
any governmental authority, in each case not otherwise invoking a breach of this Agreement. If such delay continues for more than sixty (60) days, the Party damaged by the inability of the
other Party to perform shall have the right to terminate this Agreement with immediate effect upon written notice.

Section 9    Notices

All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, or
otherwise delivered by hand, messenger or by telecommunication to the address of the applicable Party specified in the introductory paragraph above, or to such other address or addresses as either
Party may, from time to time, designate as to itself in a written notice.

3

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Section 10    Representations and Warranties

Company represents and warrants to Holder that:

Section 11    Miscellaneous

Section 12    Applicable lawDispute Settlement

4

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THUS SIGNED AND EXECUTED IN TRIPLICATE:

|CCRT International Holdings B.V. |  | Krishnakumar Srinivasan:
|-------------------------------- |  | ------------------------
|                                 |  |                         
|Name:                            |  |                         
|                                 |  |                         
|Title:                           |  | Managing Director A     
|                                 |  |                         
|Date:                            |  |                         
|                                 |  |                         
|Place:                           |  |                         
|                                 |  |                         
|                                 |  |                         
|                                 |  |                         
|Name:                            |  |                         
|                                 |  |                         
|Title:                           |  | Managing Director B     
|Date:                            |  |                         
|                                 |  |                         
|Place:                           |  |                         
|                                 |  |                         

Additional signature page follows

5

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SIGNED FOR ACKNOWLEDGEMENT, CONFIRMATION & APPROVAL BY THE BOARD OF DIRECTORS OF SUBSIDIARY:

Creditinfo
Support Services India Private Limited

|       |  | 
|------ |  | 
|Name:  |  | 
|       |  | 
|Title: |  | 
|       |  | 
|Date:  |  | 
|       |  | 
|Place: |  | 
|       |  | 

SIGNED FOR ACKNOWLEDGEMENT & CONFIRMATION BY THE MINORITY SHAREHOLDER (HOLDER OF SHARE CERTIFICATE #2):

CompuCredit
Corporation

|       |  |  |  | 
|------ |  |  |  | 
|Name:  |  |  |  | 
|       |  |  |  | 
|Title: |  |  |  | 
|       |  |  |  | 
|Date:  |  |  |  | 
|       |  |  |  | 
|Place: |  |  |  | 
|       |  |  |  | 

6

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Exhibit I
Applied Economics determination documenting the Warrant Sale Price

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Exhibit II
Applied Economics determination documenting the Exercise Price

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Exhibit III
Additional Defined Terms

For
these purposes, "cause" means the reasonable, good faith determination by CompuCredit that:



For
these purposes, "good reason" means:



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