Trying to keep it simple for the original poster who isn't familiar with all the pilot jargon:
A stabilized approach is one where the aircraft has the flaps, gear, and other equipment correctly set up, is at the correct speed, lined up with the runway, and at the correct descent angle to proceed to a landing. The landing can then be completed without needing to make more than very slight changes.
Most companies have policies in place that require this, and the proper response to not having a stabilized approach set up is to go around and try it again. While a go-around is not an outcome that happens very often and thus not totally routine, from the very earliest pilot training, you are put in the mindset to go around at any point in the approach rather than to try to salvage a bad approach.
"It isn't looking good for us" shouldn't be taken as "we're about to crash". It might mean something like, we were too high or too fast or not lined up well enough with the runway. Add power, establish a climb, clean up the flaps and gear, do it again.