Famous PSP Networking Internal Error 80110404

OK, this time no long foreplay.
You got this error or still have it when you try to establish a network connection with your shiny Playstation Portable? Here comes the solution:
Simply restore the PSP's default settings. Easy as it sounds you only have to access system settings in your XMB (Cross Media Bar). After confirmation your PSP will restart and you have to input your name and your timezone again but at least you can now set up a network connection again :)