Gadzooks - Sorry to jump on your thread, I am normally on the pregnancy board.
In 2003 I lost nearly 4 stone and got incredibly fit and was able to maintain that until now since I am pregnant!
I had a big love handles and quite a big belly to go with it.
Walking and cycling is a really good form of exercise but will not get rid of the belly.
Swimming is a really good way to reduce the love handles. Freestyle stroke will stretch those muscles and you will find it more noticable.
As for the spare tyre, a really good exercise is leg lifts.
Lay flat on your back, you may want to hold onto something as you may find that you move.
Lift your legs up half way and then back down until they nearly touch the ground (half a foot from the ground) and repeat 10 times if you can manage that and increase it if you can.
This tightens the lower part of your abs and can give you a nice look eventually too.
You should really ache when you lower your legs and that should tell you that you are doing it properly.
I hope this is of some help.
Jen