It is potentially very serious. The following description is not meant to scar you, as with close observation and management, there are no problems. But it might help to know a bit more about the risks.
The baby needs the placenta for oxygen until it is on the outside. Then it peels away leaving a large wound inside the uterus which is prevented from continuing to bleed when the uterus clamps down after delivery (whether natural hormonal rush or artificial injection).
If the placental is on the cervix, which needs to move and dilate, then it will begin to peel away, long before second stage. This compromises, and in worst case shuts off, the oxygen supply to the baby. This can result in serious oygen-starvation damage or death.
At the same time, the wound from the placenta will bleed (how heavily depends on how much peels away). Until the baby is delivered, the uterus cannot clamp down to stop it. Blood loss can be severe, and in the days before transfusion, fatal. Maternal death is still listed as a complication of unmanaged placenta praevia.
If they say you need to be in hospital - believe them! If you have any early contractions, or even period like cramps, or any bleeding at all, go immediately for an assessment.
But, placentas usually move upwards. Hope it is good news at next scan.