The outcomes are either that you are excused your failure, that you are forced to resit the classes but can carry on into 3rd year, or that you are forced to retake 2nd year. Short of dropping out, you don't have any choice in the matter.
The jardon used by the committee is about compensation and condonement. To quote from university guidance:
"Compensation is defined here as the process by which a board of examiners may decide that a strong performance by a student in one part of the curriculum may be used as the basis for the award of credit in respect of a failed performance elsewhere.
Condonement is defined as the process by which a board of examiners, in consideration of the overall performance of a student, decides that without incurring a penalty, a part of the programme that has been failed need not be redeemed."
That's what they'll be assessing. If your general performance has been good, they'll look favourably on you. If you've been borderline dropping out, then they'll probably want rid of you. If you're switching to Politics exclusively for Honours then they'll take that into account and, if you show more promise there, be more willing to give you a chance to continue.