My first line of advice would be "Stop making excuses, pull your finger out of your arse and get a decent grade".
My second line of advice would be "Don't consider doing a PHD in a field where you couldn't hack the masters course. Irritating modules or short time frames are a minimal problem compared to ploughing through three years of research mostly under your own direction."
As for employability, I doubt a pass masters is going to make much difference to most employers, they tend to get the whole 1st, 2.1, 2.2 thing but I'm sure you could get away with leaving grading off your CV entirely at masters level. Even if the masters is relevant to the field I doubt it'll be an issue - I certainly can't see a firm caring that much whether an economist (for example) has a pass, merit or distinction in their masters, as long as they've got a good undergrad.