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Now 40-years-old, the star admits he's in financial difficulty after being declared bankrupt in 2015.
Thanks to the 2015 Bring It All Back reunion tour the bankruptcy was annulled, however, just days ago Paul hit headlines after selling one of his BRIT Awards.
**DAVID MCINTOSH SEX TAPE STOLEN**
The prestigious award sold for £66,000.
When asked how he will spend the money, Paul explained: "Just less than half of it will go on paying the bills.
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“That bully from Essex came along and bullied her way into the situation”
Paul Cattermole
"But what do you think I should spend the rest of it on? I’ve always wanted to record a covers album.
"I know it’s a cliché to do it, but the reason people do it is that they sell."
Admitting he is open to spending the remaining £30,000 to make an album, Paul continued to NME: "It is something that does sell in the music industry these days. I’ve actually always wanted to do a Motown album.
"Polydor bought the Motown back catalogue at the end of the ‘90s and they were our label, so I should ask if I can record some of them.
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Recently Paul has been earning extra cash by taking part in the ever-changing line-up of the S Club 3 tour.
Jo O’Meara, Bradley McIntosh, Tina Barrett and Paul himself have all taken part in the gigs at some point.
"Me and Bradley were doing it for about two years – and then Jo came along," Paul said.
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"That bully from Essex came along and bullied her way into the situation."
Mimicking what he claims she said, Paul continued: "'You know what I am, Paul – I’m the anchor in this band.'
"I think you missed a W there... No, I’m half mucking about, half serious."
Playing down his comments, Paul added: "We do actually get on. Bradley’s Dad manages that [S Club 3] situation, so when the opportunity came to bring Tina in and make it a three that way, I found myself not getting booked as much."