Bring about three cups of water to a boil in a medium saucepan over medium high heat. Add the peas and additional water if needed to completely cover the peas. Return to a boil, then reduce heat and simmer for 30 minutes or until peas are tender. Drain peas and set aside to cool.
In the meantime, heat a large skillet over medium high heat. Add the bacon and fry until the bacon is brown and crispy. Remove the bacon from the pan, reserving the grease, and set aside.
Add the onion and peppers to the reserved bacon grease and sauté until the vegetables are tender. Add the garlic and sauté until fragrant, about 30 seconds to 1 minute more. Remove vegetables from heat and allow to cool.
Transfer half of the cooled peas to a large bowl or a food processor. Mash with a potato masher or process in a food processor until peas are the consistency of a chunky puree. Add the reserved peas, vegetables, parsley, basil, cayenne pepper, salt, and cream. Stir until well-combined. Refrigerate for at least one hour.
Set up a workstation to coat the cakes. Place flour in one shallow bowl, combine the egg and buttermilk in another, and the bread crumbs in another.
Heat vegetable oil in a large skillet over medium high heat
Scoop out about ¼ cupfuls of the pea mixture and form into balls with your hands. Completely coat the balls with the flour, then form into a patty. Coat the patty in the egg/buttermilk mixture, then coat in the breadcrumb mixture.
Working in batches, fry patties until golden brown, about 2-3 minutes per side. Allow to drain on a layer of paper towels.