Hello, and welcome..I too often use a totally banged up and repaired Bbag for every day, and love every scar on her!..however, in order to keep your beauty being strong enough for daily chores I would suggest the following..(I am only mentioning 'do-it-yourself' methods as I presume that's what you want)..
By utilizing the TPF Search button you can find the name and a website where you can buy SEALANT for the edges of the Bbags..this goes on like thick paint and would do wonders for the broken part along the top edges of your bag..
The frayed threads are easily removed by cutting them as close as you can get with SHARP fingernail clippers..then a dab of Fray-Check (made by Dritz) on the newly clipped edge will prevent any further fraying..
As for the rip I would repair it using matching leather that you could remove from the little pocket on the back of your mirror.. you could either stitch this in place, or use any contact cement made for leather.. Then a good moisturizing (which can be with any numbers of products you can find on TPF postings), you will be able to restore your bag to health and beauty!These are not professional solutions because those would entail a lot of $$ and entail sending your bag away to be restored ..These suggestions are however cheap and do-able..feel free to PM me if you need any support in doing this...