@Death absolutely! There are many topics on this out there and I worked through the various steps and suggestions that most of them covered a few years back, but eventually I gave up because it just wasn't coming right.
There are some simple solutions, such as make sure your HDD is formatted correctly (FAT32). There are also bonkers solutions out there, such as if you have certain games like Resistance 3 data on your drive, the back up utility won't work. I even remember reading somewhere that if one of these games were ever installed on the internal HDD, the backup utility is forever screwed