You are likely to lose the property you are living in. When you sign your AST, you are entering into a legally binding contract with your landlord, agreeing to pay the agreed amount of rent and on a specific day of each month.
Failure to make payments will leave you in breach of the tenancy and the landlord will serve notice requesting you to vacate the property. If you are 2 months or more in arrears the landlord will more than likely apply directly to the county court to have you evicted.
This will result in the possibility of you becoming homeless and having a CCJ on your personal records. Having a CCJ will prevent you from obtaining mortgages, credit cards, loans etc and prevent you from being able to rent again.