Combine all ingredients in large pot (except bacon rashers), bring to boil, reduce heat and simmer, covered for 1½ hours, stirring occasionally.
Remove ham bone/hock (or bacon bones) from the soup and remove and shred any meat left on the bone. Discard the bones.
Chop bacon rashers and fry in a non-stick pan. Add chopped bacon to soup and heat through. (You may choose not to add the bacon if you already have a lot of meat from the ham bone/hock.)
Remove bay leaves and serve. If you would prefer a smoother consistency, blitz the soup through a blender.
Recipe by Mrs Organised at http://www.mrsorganised.com.au/2014/05/28/pea-and-ham-soup/