Seeing the comments about waxoyl coming off, or having to be re-done, reminds me of a step I forgot to mention in my earlier post. Like a painting job, rustproofing or undersealing is 90% preparation, 10% execution. If your car's chassis/underside is sound metal but dirty or muddy, then pressure wash or steamclean it (and let it dry) before spraying the waxoyl stuff. If you spray on to dust, dirt and mud, the waxoyl will penetrate but not adhere very well.
If the car's chassis/metalwork is rusty, then strip, wirebrush, and clean whatever and wherever you can before spraying on the rustproofing. No rustproofing will completely prevent the spread of existing well-established rust (the risk is that it will just hide it...).
A related point: that US paint-stuff called POR-15 (sold by Frosts) is said to 'bond' with existing rust to give a decently protected surface. Haven't tried it myself, but I guess it is an option in some circumstances...